On March 1, Summers Corporation had office supplies on hand of $3,000. During the month, Summers purchased

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On March 1, Summers Corporation had office supplies on hand of $3,000. During the month, Summers purchased additional supplies costing $4,000. Approximately $2,000 of unused office supplies remain on hand at the end of the month.

Prepare the necessary adjusting entry on March 31 to account for office supplies.

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