Microchip began the year with $2,600 in its asset account, supplies. During the year, $7,100 in...

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Microchip began the year with $2,600 in its asset account, supplies. During the year, $7,100 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,550 remain on hand. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 6 General Journal Debit Credit Microchip began the year with $2,600 in its asset account, supplies. During the year, $7,100 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,550 remain on hand. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 6 General Journal Debit Credit

Answer rating: 100% (QA)

1 Beginning Supplies Balance The company began the year with 2600 in its asset account for supplies ... View the full answer