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The asset account, Supplies, has a balance of $700 on January 1, 2022. During January, $16,000 of supplies was purchased on account and the liability

The asset account, Supplies, has a balance of $700 on January 1, 2022. During January, $16,000 of supplies was purchased on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. The company prepares monthly adjusting entries. What adjusting entry is necessary at January 31?

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