On November 1, Salem Equipment had a beginning balance in the Supplies account of ($800.) During the
Question:
On November 1, Salem Equipment had a beginning balance in the Supplies account of \($800.\) During the month, Salem Equipment purchased \($1,000\) of supplies. At November 30, Salem Equipment had \($400\) of supplies on hand.
Requirements
1. Open the Supplies T-account and enter the beginning balance and purchase of supplies.
2. Record the adjusting entry required at November 30.
3. Post the adjusting entry to the two accounts involved and show their balances at November 30.
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Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780137884858
14th Edition
Authors: Brenda Mattison, Tracie Miller-Nobles
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