There was no beginning balance of supplies and purchased $700 of office supplies during the period. At the end of the period $80 of supplies were on hand.
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Debit: Supplies 700
Credit: Cash 700
Debit: Administrative expense
Credit: Supplies 620
That should be Debit: Administrative expense 620 :)
I have one more question but I don't have anymore free questions to ask now....
company purchased a truck from Vendor by issuing 6-month, 8% note payable for 37,500 on November 1. What is the adjusting entry on December 31? ( if you want to answer anyways, the question is this)
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