A company started office supplies with 1500.00 balance. Purchased supplies for 5000.00. The inventory of available supplies at end of year is 50.How to post
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A company started office supplies with 1500.00 balance. Purchased supplies for 5000.00. The inventory of available supplies at end of year is 50.How to post
IF there isn't any other info.
The entry could be:
Dr. supplies expense
Cr. Supplies
The amount would be (Begin balance + Purchases) - end balance
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