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Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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
Transcribed Image Text:Your company purchases $3,000 of supplies,
recording them as assets. At year end, a
physical count shows $1,200 of supplies on
hand. The year-end adjusting entry debits
supplies expense and credits supplies on
hand for $1,200. The correcting entry will
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