3. Accrual Accounting Concepts
Adjusting Entries: Supplies
3. Accrual Accounting Concepts
Adjusting Entries: Supplies
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A company has \$350 in its supplies account at the beginning of the year. Throughout the year, the company purchased an additional \$500 worth of supplies, which it recorded to the supplies account. The year-end count of office supplies revealed a remaining balance of \$400. The entry to adjust the balance of the supplies account would include:
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