Business, 23.04.2021 02:00 100154281

The supplies account for a company has a $1,000 debit balance at the beginning of the year. Supplies of $2,000 were purchased during the year and debited to the Supplies account. A December 31 physical count shows
$500 of supplies remaining at the end of the year. Assume no other adjusting entries are made during the year.
Using the 3-step process for creating adjusting entries, calculate the adjustment amount for supplies (no
journal entry is required).

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The supplies account for a company has a $1,000 debit balance at the beginning of the year. Supplies...

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