Financial Accounting Topics Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count...

Financial Accounting Topics

Cornerstone Exercise 3-21

Adjustment for Supplies

Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand.

Required:

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1.Prepare the adjusting entry needed at the end of the year.

Dec. 31

(Record the use of supplies)

2.What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year?
$

Jun 02, 2022

SOLUTION.PDF

Financial Accounting Topics Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count...

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