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1. XYZ Co. has monthly accounting periods. On March 1st, XYZ Co. has $2,000 of...

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Accounting

1. XYZ Co. has monthly accounting periods. On March 1st, XYZ Co. has $2,000 of office supplies on hand. On March 31st, the company finds it has only $1,100 of office supplies on hand. What is the entry on March 31st?

Select one:

a. Increase office supplies expense by $1,100; decrease office supplies by $1,100

b. Decrease office supplies by $900; decrease cash by $900

c. Increase office supplies expense by $900; decrease office supplies by $900

d. No entry is required

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