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Your company purchases $3,000 of supplies, recording them as expenses. At year end, a physical count shows $1,800 of supplies on hand. The year-end adjusting
Your company purchases $3,000 of supplies, recording them as expenses. At year end, a physical count shows $1,800 of supplies on hand. The year-end adjusting entry debits Supplies for $1,200 and credits Supplies Expense for $1,200. The correcting entry will: debit Supplies for $600; credit Supplies Expense for $600 debit Supplies Expense for $1,800; credit Supplies for $1,800 debit Supplies Expense for $600; credit Supplies for $600 not be necessary
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