1. XYZ Co. has monthly accounting periods. On March 1st, XYZ Co. has $2,000 of...
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Accounting
1. XYZ Co. has monthly accounting periods. On March 1st, XYZ Co. has $2,000 of office supplies on hand. On March 31st, the company finds it has only $1,100 of office supplies on hand. What is the entry on March 31st?
Select one:
a. Increase office supplies expense by $1,100; decrease office supplies by $1,100
b. Decrease office supplies by $900; decrease cash by $900
c. Increase office supplies expense by $900; decrease office supplies by $900
d. No entry is required
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