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Adjustment for Prepaid Expense The supplies account had a beginning balance of $8,390 and was debited for $4,950 for supplies purchased during the year. Journalize

Adjustment for Prepaid Expense The supplies account had a beginning balance of $8,390 and was debited for $4,950 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $4,000.

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