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PLEASE SHOW YOUR WORK, AS SPECIFIC AS POSSIBLE, THANK YOU. 2. During 2020, Belmont purchased $ 158,000 in supplies and debited supply expense. The 1/1/20
PLEASE SHOW YOUR WORK, AS SPECIFIC AS POSSIBLE, THANK YOU.
2. During 2020, Belmont purchased $ 158,000 in supplies and debited supply expense. The 1/1/20 beginning balance in supplies was $35,000 and the 12/31/20 count revealed $42,000 in supplies remaining. What is the necessary adjusting journal entry at 12/31/20? Account name Debit Credit 3. In 2020, Tartane Co. received a $750,000 merchandise order and the customer paid in full at the time the order was placed. Tartane recorded the $750,000 received in 2020 as a credit to sales revenue. Tartane was able to deliver $580,000 of the merchandise ordered during 2020, but the remaining merchandise from that order is backordered and will be sent out to the customer in 2021. What is the necessary adjusting journal entry at 12/31/20? Account name Debit CreditStep by Step Solution
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