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New Member
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Oct 13, 2013, 06:51 PM
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Accounting problem
A count of office supplies o hand on December 31, showed $250 in supplies were remaining
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Ultra Member
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Oct 20, 2013, 09:24 PM
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This sounds like an adjusting entry to me. Simply take your office supplies account balance and subtract out your physical count remaining in office supplies. This will be your adjusting entry amount. Your adjusting entry will be Debit Office Supplies Expense and Credit Office Supplies for the adjusting entry amount.
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