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  3. Study Set
    Fundamental Accounting Principles
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    Exam 3: Adjusting Accounts for Financial Statements
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    During August, Gallery Corp
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During August, Gallery Corp

Question 51

Question 51

True/False

During August, Gallery Corp. purchased $4,000 worth of supplies. At August 31 the adjusted balance in the Supplies account was $2,800. The adjusting entry included a $1,200 debit to Supplies Expense.

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