The supplies account began the year with a balance of 380, Accounting Basics

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The supplies account began the year with a balance of 380

The supplies account began the year with a balance of $380. During the year supplies in the amount of $980 were purchased. At the end of the year(Dec 31) the inventory of supplies on hand was $440. Prepare the year-end entry in journal form to record the adjustment for supplies expense for the year.

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Accounting Basics: The supplies account began the year with a balance of 380

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