Tuesday, July 12, 2011

The balance in the Office Supplies account was $200. During June, office supplies costing $580 were purchased.?

On June 1, 2010, the balance in the Office Supplies account was $200. During June, office supplies costing $580 were purchased. A physical count of office supplies at June 30 revealed that there was $240 still on hand. What is the adjusting entry?

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