True/False
On January 1,Nash Company had $1,000 of supplies on hand.During January,Nash purchased $5,500 worth of new supplies.At the end of the month,a count revealed $700 worth of supplies remaining on the shelves.The adjusting entry needed will include a debit to Supplies Expense of $5,800.The supplies were initially recorded as an asset.
Correct Answer:
Verified
Correct Answer:
Verified
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