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What will be the effect on net income for May

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Problem - Office Supplies - Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Prepare the necessary adjusting entry on Somerville's books on May 31. What will be the effect on net income for May if this entry is not recorded?

Reference no: EM132846819

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