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The policy at Cheyenne Corp. is to expense all office supplies at the time of...

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Accounting

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The policy at Cheyenne Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $970 of unused office supplies on hand and the balance of supplies expense is $3080. What should the accountant do? Increase Supplies Expense for $2110 and decrease Supplies for $2110. Increase Supplies and decrease Supplies Expense for $970. Nothing, company policy says to expense supplies when purchased. Convince management to change its policy to avoid problems in the future

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