What was the amount of supplies purchased during the year

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Reference no: EM131527245

Question: Answer each of the following independent questions concerning supplies and the adjustment for supplies.

(a) The balance in the supplies account, before adjustment at the end of the year, is $2,100. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $385?

(b) The supplies account has a balance of $675, and the supplies expense account has a balance of $1,310 at December 31, 2007. If 2007 was the first year of operations, what was the amount of supplies purchased during the year?

Reference no: EM131527245

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