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At 1 January, Smith Has $1 200 of Supplies on Hand

Question 101

True/False

At 1 January, Smith has $1 200 of supplies on hand. During January, Smith purchases $3 000 worth of new supplies. At the end of the month, a count reveals $500 worth of supplies remaining on the shelves. The adjustment entry needed will include a debit to Supply expense of $3 700.

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