Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Chapter 3, Problem 3.8E
Adjustment for supplies
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 supp lies purchased during the year?
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Chapter 3 Solutions
Survey of Accounting (Accounting I)
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