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Business, 22.02.2021 19:10 liyahhhbandz

On January 1, Great Designs Company had a debit balance of $1,700 in the office supplies account. During the month, Great Designs purchased $1,000 of office supplies and journalized them to the asset account upon purchasing. On January 31, an inspection of the office supplies cabinet shows that only $600 of office supplies remains. Required:
Prepare the January 31 adjusting entry for office supplies.

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On January 1, Great Designs Company had a debit balance of $1,700 in the office supplies account. Du...

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