On November 1, a company bought supplies for $200. The $200 was debited to the Supplies account. An inventory of supplies at the end of November showed that items costing $50 were on hand. The necessary adjustment will include a credit to the account in the amount of $ (omit $/cents).

On November 1, a company bought supplies for $200. The $200 was debited to the Supplies account. An inventory of supplies at the end of November showed that items costing $50 were on hand. The necessary adjustment will include a credit to the account in the amount of $ (omit $/cents).

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Description: On November 1, a company bought supplies for $200. The $200 was debited to the Supplies account. An inventory of supplies at the end of Novembershowed that items costing $50 were on hand. The necessary adjustment will include a credit to theaccount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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