The Supplies account of FDN Company shows an unadjusted ending balance of P125,000. During the year the company purchased the following: Supplies for P25,000 Furniture for P75,000 Inventory for P50,000 The accountant incorrectly recorded the acquisition of inventory as Supplies. How much is the beginning balance of Supplies?

The Supplies account of FDN Company shows an unadjusted ending balance of P125,000. During the year the company purchased the following: Supplies for P25,000 Furniture for P75,000 Inventory for P50,000 The accountant incorrectly recorded the acquisition of inventory as Supplies. How much is the beginning balance of Supplies?

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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