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Indus Company has a Supplies account balance of $900 on January 1, 2011. During 2011, it purchased $4,000 of supplies. As of December 31, 2011, a supplies inventory shows $750 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M960053

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