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f) On January 1, 2020, Chipotle had $16 million in Supplies, and they purchased $35 million more in Supplies during fiscal year 2020. A year-end
f) On January 1, 2020, Chipotle had $16 million in Supplies, and they purchased $35 million more in Supplies during fiscal year 2020. A year-end physical count of Chipotles supplies indicates that they have $23 million worth of Supplies remaining as of December 31, 2020. If Chipotle did not make journal entries when they used supplies during fiscal year 2020, what adjusting journal entry should Chipotle make related to its Supplies on December 31, 2020?
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