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ABC Supplies Inc. has a July 31, 2011 year end. The company is preparing its annual adjusting journal entries/internal transactions and has the following internal

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ABC Supplies Inc. has a July 31, 2011 year end. The company is preparing its annual adjusting journal entries/internal transactions and has the following internal transaction related to the accounting period: 1. The office supplies account has an $1500 balance in it. However, a count of the office supplies indicates there is only $450 on hand. 2. There are $4,200 wages owing to employees at year end/July 31, 2011. Total payroll of $6,000 will be paid on August 4,2011. 3. The company calculated the depreciation for its building to be $8,000. 4. On June 30,2011 , the company received $6,000 from a client for 6 months of consulting. The entire amount received was recorded as Uneamed Consulting Revenue. 5. On April 1, 2011, the company paid $10,000 for 5 months of rental space. The entire amount. was recorded as prepaid rent. Page 1 of 5

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