Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance
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Answer each of the following independent questions concerning supplies and the adjustment for supplies.
a. The balance in the supplies account, before adjustment at the end of the year, is $3,500. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,100?
b. The supplies account has a balance of $650, and the supplies expense account has a balance of $1,950 at the end of the first year of operations. What was the amount of supplies purchased during the year?
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