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XYZ Company initially records prepaid and unearned items in income statement accounts. Given XYZ Company's practices, what is the appropriate adjusting entry to record unused
XYZ Company initially records prepaid and unearned items in income statement accounts. Given XYZ Company's practices, what is the appropriate adjusting entry to record unused office supplies of $500 that were counted at year end? There was no begining balance in office supplies.
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