On December 31 of the Current Year,Holmgren Company's Bookkeeper Made

Multiple Choice

On December 31 of the current year,Holmgren Company's bookkeeper made an entry debiting Supplies Expense and crediting Supplies on Hand for $12,600.The Supplies on Hand account had a $15,300 debit balance on January 1.The December 31 balance sheet showed Supplies on Hand of $11,400.Only one purchase of supplies was made during the month,on account.The entry for that purchase was

A) debit Supplies on Hand,$8,700 and credit Cash,$8,700.
B) debit Supplies Expense,$8,700 and credit Accounts Payable,$8,700.
C) debit Supplies on Hand,$8,700 and credit Accounts Payable,$8,700.
D) debit Supplies on Hand,$16,500 and credit Accounts Payable,$16,500.