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Ignatenko Company purchased office supplies costing $5,000 and debited Supplies for the full amount. Supplies on hand at the

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Adjusting journal entry to record for the supplies using the period

Accounts Tittles and Explanations

Debit ($)

Credit ($)

Supplies Expense A/c

3,700

    To Supplies A/c

3,700

[Being the adjusting journal entry passed to record for the supplies expense for the year]

The amount of supplies expense to be recorded for the year = Supplies purchased during the period - Supplies on hand at the end of the year

= $5,000 - $1,300

= $3,700

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