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Paraphin [41]
3 years ago
9

A company purchased $270,000 in supplies during the year. The supplies account increased by $10,000 during the year to an ending

balance of $66,000. For what amount was the adjusting entry to supplies expense?
Business
1 answer:
LuckyWell [14K]3 years ago
7 0

Answer:

$260,000

Explanation:

Opening balance = Ending balance - Increase in ending balance

=$66,000 - $10,000

=$56,000

Supplies Expenses = Opening balance + Purchases - Closing balance

=$56,000 + $270,000 - $66,000

=$336,000 - $66,000

=$260,000

Therefore, the amount that will be the adjusting entry to supplies expenses is $260,000

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