When supplies are purchased by Andrea they were recorded as an asset. Calculations after an end of
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When supplies are purchased by Andrea they were recorded as an asset. Calculations after an end of period stock-take revealed a closing stock (balance) of $4,000. There was an opening balance of $7,000 and during the period $8,000 of supplies were purchased.
Record the adjusting entry.
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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