Pain-Free Dental Group Inc. purchased dental supplies of $12,950 during the year. At the end of the year, a physical count of supplies showed $1,515 of supplies on hand.
Required:
1. Prepare the adjusting entry needed at the end of the year.
2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year?

Answer rating: 100% (QA)

1 Adjusting entry to record the use of s... View the full answer