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11. Ray Co pays $900 for office supplies in April and debits Office Supplies. Ray Co's year-end is May 31. At fiscal year end,
11. Ray Co pays $900 for office supplies in April and debits Office Supplies. Ray Co's year-end is May 31. At fiscal year end, a physical count, finds $200 in supplies. a. What is the adjusting entry? b. If this entry is not recorded, how will it affect Ray Co's financial statements?
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Ethical Obligations and Decision Making in Accounting Text and Cases
Authors: Steven Mintz, Roselyn Morris
3rd edition
007786221X, 978-0077862213
