Refer to the information in BE36. Determine the financial statement effects for (1) The purchase of supplies
Question:
Refer to the information in BE3–6. Determine the financial statement effects for
(1) The purchase of supplies during the year and
(2) The adjusting entry for supplies used by the end of the year.
Data from in BE3-6
At the beginning of the year, Golden Gopher Company reports a balance in Supplies of $500. During the year, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of the year, only $300 of supplies remains.
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