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    Financial Accounting Study Set 1
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    Exam 3: Adjusting and Closing Entries
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    Supplies on Hand Were $900 at the Start of the Year
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Supplies on Hand Were $900 at the Start of the Year

Question 59

Question 59

Essay

Supplies on hand were $900 at the start of the year. At the end of the year, it was determined that $350 of supplies had been used. What is the adjusting entry for supplies?

Correct Answer:

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