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Prepare the year-end adjusting entry as of December

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Question - On January 1, 2020, factory supplies inventory on hand for Locust Corporation equaled $200. During 2020, factory supplies costing $4,000 were purchased and debited to factory supplies inventory. At the end of 2020, a physical inventory count showed that factory supplies on hand equaled $800. Prepare the year-end adjusting entry as of December 31, 2020.

Reference no: EM132816464

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