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During a company's first year of operations, the asset account, Office Supplies, was debited for $ 2 , 3 0 0 for the purchases of
During a company's first year of operations, the asset account, Office Supplies, was debited for $ for the purchases of supplies. At yearend, a physical count of the supplies on hand revealed that $ of unused supplies were available for future use. How will the related adjusting entry affect the companys financial statements?
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