Hahn Consulting Companys general ledger showed $785 in the Supplies account on January 1, 2024. On May

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Hahn Consulting Company’s general ledger showed $785 in the Supplies account on January 1, 2024. On May 31, 2024, the company paid $3,255 for additional supplies. A count on December 31, 2024, showed $1,035 of supplies on hand.

a. Prepare the journal entry to record the purchase of supplies on May 31, 2024.

b. Calculate the amount of supplies used in 2024.

c. Prepare the adjusting entry required at December 31, 2024.

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Accounting Principles Volume 1

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9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jul 01, 2023 06:13 AM

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Hahn Consulting Companys general ledger showed $785 in the Supplies account on January 1, 2024. On May

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a b Supplies used 785 3255 1035 300...View the full answer

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