Calculate the balances after adjustment of supplies

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Reference no: EM131519727

Question: At the beginning of May, Golden Gopher Company reports a balance in Supplies of $400. On May 15, Golden Gopher purchases an additional $2,300 of supplies for cash. By the end of May, only $200 of supplies remains.

(1) Record the purchase of supplies on May 15.

(2) Record the adjusting entry on May 31.

(3) Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense

Reference no: EM131519727

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