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Best Value Trucks Inc. began the year with $1,200 of supplies on hand. During the year the company purchased $4,000 worth of supplies, debited to
Best Value Trucks Inc. began the year with $1,200 of supplies on hand. During the year the company purchased $4,000 worth of supplies, debited to the Supplies account. At the end of the year, there was $1,000 worth of supplies left on hand. The adjusting entry for Supplies at the end of the year would be: 4,200 Supplies Expense Supplies 4,200 4,200 Supplies Supplies Expense 4,200 Supplies Expense Cash 4,200 4,200 4,000 Supplies Expense Supplies 4.000
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