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Adjusting entry: When stationery supplies for Design Thinking Ltd are purchased, they are recorded as an asset. An end of period stock-take (count) revealed a
Adjusting entry: When stationery supplies for Design Thinking Ltd are purchased, they are recorded as an asset. An end of period stock-take (count) revealed a closing balance of $10,000. There was an opening balance of $15,000 and during the period a total of $35,000 of supplies were purchased. Instructions: Record the adjusting entry for the year ending 31 August 2021 by selecting the correct amounts that are debited and credited.
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