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Swifty Company purchased supplies costing $7090 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies
Swifty Company purchased supplies costing $7090 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2040 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
| Debit Supplies, $2040; Credit Supplies Expense, $2040. |
| Debit Supplies Expense, $2040; Credit Supplies, $2040. |
| Debit Supplies, $5050; Credit Supplies Expense, $5050. |
| Debit Supplies Expense, $5050; Credit Supplies, $5050. |
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