Adjustment for Prepaid Expense The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $2,980.

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter3: The Adjusting Process
Section: Chapter Questions
Problem 5BE: Adjustment for unearned revenue On June 1, 20Y2, Herbal Co. received 18,900 for the rent of land for...
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Adjustment for Prepaid Expense

The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the year.

Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $2,980.

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