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Prior to recording adjusting entries, the Office Supplies account had a $380 debit balance. A...

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Accounting

Prior to recording adjusting entries, the Office Supplies account had a $380 debit balance. A physical count of the supplies showed $103 of unused supplies available. The required adjusting entry is:
Multiple Choice
Debit Office Supplies $103 and credit Cash $277.
Debit Office Supplies $103 and credit Office Supplies Expense $103
Debit Office Supplies Expense $103 and credit Office Supplies $103.
Debit Office Supplies $277 and credit Office Supplies Expense $277.
Debit Office Supplies Expense $277 and credit Office Supplies $277.
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