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Problem 1: The balance in the supplies account before adjustment at the end of the year is $6,250. The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be
Option 1: debit Supplies, $1,500; credit Supplies Expense, $1,500Option 2: debit Supplies Expense, $4,750; credit Supplies, $4,750Option 3: debit Supplies Expense, $1,500; credit Supplies, $1,500Option 4: debit Supplies, $4,750; credit Supplies Expense, $4,750
Financial Statement Analysis and Preparation
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Computation of Free Cash Flow
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