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The Supplies Expense account was debited $1,240 by the Sanford Company for office supplies purchased...

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Accounting

The Supplies Expense account was debited $1,240 by the Sanford Company for office supplies purchased during the first year of operations. At year-end, the office supplies on hand were counted and Sanford determined that $880 of supplies had been used. The appropriate adjusting entry would:

Select one:

a. Have no effect on net income

b. Decrease expenses by $360

c. Decrease assets by $360

d. Increase expenses by $880

e. Increase assets by $880

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