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On 9-1-21, Colony Co bought supplies totaling $30,000 and made the following entry: Supplies Expense $30,000 Cash $30,000 At 12-31-21, supplies on hand amounted to
On 9-1-21, Colony Co bought supplies totaling $30,000 and made the following entry: Supplies Expense $30,000 Cash $30,000 At 12-31-21, supplies on hand amounted to $25,000. Prepare the necessary adjusting journal entry on 12-31-21
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