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On January 1, Smith had $2000 of supplies on hand.  During...

On January 1, Smith had $2000 of supplies on hand.  During January, Smith purchased $4,000 worth of new supplies.  At the end of the month, a count revealed $1,000 worth of supplies remaining on the shelves.  The adjustment entry needed will include a debit to Supplies Expense of $5,000.  The supplies were initially recorded as an asset.

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