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At the beginning of the year, Golden Gopher Company reports a balance in Supplies of $370. During the year, Golden Gopher purchases an additional $2,000
At the beginning of the year, Golden Gopher Company reports a balance in Supplies of $370. During the year, Golden Gopher purchases an additional $2,000 of supplies for cash. By the end of the year, only $170 of supplies remains. Determine the accounts to be adjusted on December 31, the amount of the adjustment, and the ending balances. Assume no adjustments were previously made during the year. Note: Amounts to be deducted should be indicated with a minus sign
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