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What is the appropriate adjusting entry on March 31st for supplies, given the following information? A physical count at the end of the previous December
What is the appropriate adjusting entry on March 31st for supplies, given the following information? A physical count at the end of the previous December revealed that $6,000 of supplies remained in the warehouse. A physical count at the end of this March reveals that $4,000 of supplies remain in the warehouse. The account balance of supplies was $6,000 at the beginning of January. No supplies were purchased during the first quarter of this year. OR Supplies-Exp 2.000 CR Supplies 2.000 A review of accounts receivable on March 31st has led LGP to estimate that $500 of the balance will not be collected. This estimate was made based on historical information and not related to any specific customer. At the end of the previous December it was estimated that 5300 of our receivables at that time would not be collectible. What is the appropriate adjusting journal entry on March 31st? DR BDE 800 CR ADA 800 Lair
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