The Supplies account has a $340 debit balance to start the year. No supplies wer

Question

The Supplies account has a $340 debit balance to start the year. No supplies were purchased during the current year. A 31 physical count shows $130 of supplies Supplies Step 1. Determine what the current account balance equals Step 2 Determine what the current account balance should equal. Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 b. The Supplies account has an $900 debit balance to start the year. Supplies of $2,300 were purchased during the current year debited to the Supplies account. A December 31 physical count shows $700 of supplies remaining. Supplies Step 1. Determine what the current account balance equals Step 2 Determine what the current account balance should equal Step 3. Record the Decemiber 31 adjusting entry to get from step 1 to step 2 c. The Supplies account has a S4 200 debit balance to start the year. During the current year, supplies of S9,800 were purchased and debited to the Supplies account. The inventory of supplies available at December 31 totaled $2.780 Type here to search

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a Step 1 340 Step 2 130 Step 3 Debit Credit Supplies Expenses 210 Supplies Inventory 210

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