Question
A company purchases $10,000 work of supplies on June 1 on account. They had no supplies prior to this purchase. At June 30th someone counts
A company purchases $10,000 work of supplies on June 1 on account. They had no supplies prior to this purchase. At June 30th someone counts supplies and determines there are $3,500 on hand. Prepare:
1. The journal entry to record the purchase
2. The adjusting journal entry at June 30th
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Principles Of Financial Accounting (Chapters 1-17)
Authors: John Wild
25th Edition
1260780147, 9781260780147
