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Prepare the adjusting journal entry to correctly report the

Zim Company has a Supplies account balance of $6,000 on January 1, 2015. During 2015, it purchased $2,500 of supplies. As of December 31, 2015, a supplies inventory shows $1,050 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, 2015.

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Accounting Basics: Prepare the adjusting journal entry to correctly report the

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