IIA
IIA-CIA-PART3 · Question #154
IIA-CIA-PART3 Question #154: Real Exam Question with Answer & Explanation
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Question
An organization's account for office supplies on hand had a balance of $9,000 at the end of year one. During year two. The organization recorded an expense of $45,000 for purchasing office supplies. At the end of year two. a physical count determined that the organization has $11 ,500 in office supplies on hand. Based on this Information, what would he recorded in the adjusting entry an the end of year two?
Options
- AA debit to office supplies on hand for S2.500
- BA debit to office supplies on hand for $11.500
- CA debit to office supplies on hand for $20,500
- DA debit to office supplies on hand for $42,500
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