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Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $4,850
Adjusting Entry for Supplies
The balance in the supplies account, before adjustment at the end of the year, is $4,850.
Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $880.
Expert Solution
Answer:
| General Journal | Debit | Credit |
| Supplies expense ($4,850 - $880) | 3,970 | |
| Supplies | 3,970 | |
| (To record adjusting entry for supplies) |
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