Question
Mackalya is an office secretary at the All American Office Products Company.This Company sells office supplies and office equipment.Suppose Mackalya was nearly out of paper
Mackalya is an office secretary at the "All American Office Products Company."This Company sells office supplies and office equipment.Suppose Mackalya was nearly out of paper in the office; so she went out into the sales area of the facility and took 8 boxes (cost $160) of paper from the sales area and brought them back to use in the office.None of that paper has been used yet.What journal entry should be made.What will be the effect on the financial statements if no adjusting entry is made for this transaction.Suppose the Owner's children come to the office and take $60 of office supplies to be used by them.What entry should be made?
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