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The balance in the supplies account before adjustment at the end of the year is $701. The proper adjusting entry if the amount of supplies on hand at the end of the year is $294 would be a. debit Supplies, $294; credit Supplies Expense, $294 b. debit Supplies Expense, $407; credit Supplies, $407 c. debit Supplies, $407; credit Supplies Expense, $407 d. debit Supplies Expense, $294; credit Supplies, $294

The balance in the supplies account before adjustment at the end of the year is $701. The proper adjusting entry if the amount of supplies on hand at the end of the year is $294 would be a. debit Supplies, $294; credit Supplies Expense, $294 b. debit Supplies Expense, $407; credit Supplies, $407 c. debit Supplies, $407; credit Supplies Expense, $407 d. debit Supplies Expense, $294; credit Supplies, $294

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The balance in the supplies account before adjustment at the end of the year is $701. The proper adjusting entry if the amount of supplies on hand at the end of the year is $294 would be

a. debit Supplies, $294; credit Supplies Expense, $294
b. debit Supplies Expense, $407; credit Supplies, $407
c. debit Supplies, $407; credit Supplies Expense, $407
d. debit Supplies Expense, $294; credit Supplies, $294
 
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