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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
On January 1, Ogden, Inc. had $1,500 of supplies on hand. During January, Ogden 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 $6,300. The supplies were initially recorded as an asset.
A) True
B) False
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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7 years ago
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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