Prior to recording adjusting entries, the office supplies account had a $378 debit balance. a physical count of the supplies showed $115 of unused supplies available. the required adjusting entry is Debit Office Supplies Expense $254 and credit Office Supplies $254.
A checking account with a bank that has a debit balance is one that has a negative cash balance. Such an account is referred to as being overdrawn and is therefore not actually permitted to have a negative balance; instead, the bank simply declines to honor any checks presented against the account that would do so.
An account with a debit balance has positive values for assets and expenses debited and negative balances credited. For instance, because cash is increasing, a journal entry upon receiving $1,000 in cash would also include a $1,000 debit to the balance sheet's cash account.
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