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During Bruce Companys first year of operations, the company purchased $3,400 of supplies. At year-end, a physical count of the supplies on hand revealed that

During Bruce Companys first year of operations, the company purchased $3,400 of supplies. At year-end, a physical count of the supplies on hand revealed that $1,375 of unused supplies were available for future use. How will the related adjusting entry affect the companys financial statements?

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