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How much will be in the Supplies account

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Question - On December 1, Lee Company purchased $3,050 of supplies on account. By the end of the calendar year, $2,480 of supplies remains.

Required -

1. How much has been expensed by the end of the year?

2. How much will be in the Supplies account at the end of the year, after the adjusting entries have been prepared and posted?

Reference no: EM132643529

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