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Selected ending (normal) balances for Bloomfield Company are shown below as of January 31, 2010; accounting adjustments have already been posted. The firm uses a
Selected ending (normal) balances for Bloomfield Company are shown below as of January 31, 2010; accounting adjustments have already been posted. The firm uses a calendar-year accounting period but prepares monthly accounting adjustments. Supplies.....$800 Supplies Expense.....$960 REQUIRED: If the amount in Supplies Expense represents the January 31 adjustment for supplies used in January, and $620 worth of supplies were purchased during January, what was the January 1 beginning balance of Supplies
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