Pain-Free Dental Group Inc. purchased dental supplies of $12,800 during the year. At the end of the

Question:

Pain-Free Dental Group Inc. purchased dental supplies of $12,800 during the year. At the end of the year, a physical count of supplies showed $1,475 of supplies on hand.
Required:
1. Prepare the adjusting entry needed at the end of the year.
2. What is the amount of supplies reported on Pain-Free’s at the end of the year? Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...