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Pioneer Advertising purchased advertising supplies costing $40,000m on October 5. Assuming tht it paid with cash, prepare the journal entry to record the purchase of
Pioneer Advertising purchased advertising supplies costing $40,000m on October 5. Assuming tht it paid with cash, prepare the journal entry to record the purchase of the supplies. (b) An inventory count at the close of business on October 31 reveals that $15,000 of the advertising supplies are still on hand. Prepare the adjusting journal entry on October 31
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