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vlabodo [156]
2 years ago
14

The balance in the supplies account before adjustment at the end of the year is $873. The proper adjusting entry if the amount o

f supplies on hand at the end of the year is $270 would be
Business
1 answer:
yan [13]2 years ago
7 0

Answer:

Explanation:

The proper adjusting entry is as follows

Supplies expense A/c Dr $603

             To Supplies A/c $603

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies account balance - supplies on hand  at the end of the year

= $873 - $270

= $603

Basically we debited the supplies expense account and credited the supplies account so that the proper posting could be done.

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The indirect method of statement of cash flows begins with loss or the net income as well as the substraction of values from non cash revenue which result in case flow as a result of operating activities.

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