Question

Pain-Free Dental Group Inc. purchased dental supplies of $12,800 during the year. At the end of the year, a physical count of supplies showed $1,475 of supplies on hand.
Required:
1. Prepare the adjusting entry needed at the end of the year.
2. What is the amount of supplies reported on Pain-Free’s balance sheet at the end of the year?


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  • CreatedSeptember 22, 2015
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