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Question 3 (2 points) The balance in the Supplies account before adjustment is $2,500. An inventory of supplies shows $2,000 of unused supplies at the
Question 3 (2 points) The balance in the Supplies account before adjustment is $2,500. An inventory of supplies shows $2,000 of unused supplies at the end of the month. The adjusting entry done at the end of the month is Debit Supplies Expense $500; credit Supplies $500 Debit Supplies $500; credit Supplies Expense $500 Debit Supplies Expense $2,000; credit Supplies $2,000 Debit Unearned Revenue $1,000; credit Service Revenue $1,000 Question 4 (2 points) At the end of the month, the business has earned $1,400 that the business has not collected in cash and has not billed to the customer. The adjusting entry done at the end of the month is Debit Cash $1,400; credit Service Revenue $1,400 Debit Service Revenue $1,400; credit Accounts Receivable $1,400 Debit Accounts Receivable $1,400; credit Service Revenue $1,400 Debit Accounts Payable $1,400; credit Service Revenue $1,400
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