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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Related Book For 
Financial And Managerial Accounting The Basis For Business Decisions
ISBN: 9781264445240
20th Edition
Authors: Jan Williams, Susan Haka, Mark Bettner
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