Myron is a barber who does his own accounting for his shop. When he buys supplies he
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Question:
Myron is a barber who does his own accounting for his shop. When he buys supplies he routinely debits Supplies Expense. Myron purchased $1,500 of supplies in January and his inventory at the end of January shows $400 of supplies remaining. What adjusting entry should Myron make on January 31?
Supplies Expense...............1,100
Supplies..............................1,100
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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