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Physical count of office supplies

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At December 31, 2007, the end of Smith and Jones Co. fiscal year,there were $470 of office supplies on hand. During 2008, $1,800 of office supplies were purchased and charged to the Office Supplies Expense account. On December 31, 2008, a physical count of office supplies revealed that there was $700 worth on hand. As a result of this information, the bookkeeper will have to

  1. increase an assetaccount by $230
  2. increase an expense account by $230
  3. increase an asset account by $700
  4. increase an expense account by $1570

Reference no: EM13259206

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