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What is the expense reported on the statement

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Question - The downtown location of Montreal Clothiers purchases large quantities of supplies, including plastic garment bags, paper bags, and boxes. At December 31, 2018, the following information is available concerning these supplies:

Supplies, 1/1/2018 $4,050

Supplies 12/31/2018 $5,100

Supplies purchased for cash during 2018 $14,090

All purchases of supplies during the year are debited to the supplies account.

Required -

1. What is the expense reported on the statement of earnings associated with the use of supplies during 2018?

2. What is the proper adjusting entry at December 31, 2018?

3. By how much would assets and income be overstated or understated if the adjusting entry were not recorded?

Reference no: EM132562336

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