Question

The balance in the supplies account, before adjustment at the end of the year, is Br.2,750. The inventory of supplies at the end of the year was determined to be Br.600. The estimated depreciation on equipment used during the year is Br.1,600. Journalize the adjusting entries required at the end of the year to recognize a) supplies used during the year and b) depreciation expense for the year.

Answer 1

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