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    browniesar's Avatar
    browniesar Posts: 1, Reputation: 1
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    #1

    Apr 18, 2012, 10:21 PM
    How to journalize supplies on hand
    How would you journalize an adjusting entry for 'supplies on hand at July 31, $600.'
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Apr 19, 2012, 04:05 AM
    Debit prepaid expense, credit?? Expense
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Apr 19, 2012, 10:11 AM
    An adjusting entry is used to bring your Supplies account balance into agreement with your supplies onhand amount. You get the difference between the two amounts and your adjusting entry will be:
    Debit Supplies Expense for the amount of the difference
    Credit Supplies for the same amount
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