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Crane Advertising Company's trial balance at December 31 shows Supplies $8,000 and Supplies Expense $0. On December 31, there are $3,300 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account.

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Answer:

Dr Advertising Supplies Expense 4,700

Cr Advertising Supplies 4,700

T ACCOUNTS

ADVERTISING SUPPLIES

DR SIDE

Dr 8,000

Dr 12/31 Balance 3,300

CR SIDE

Cr 12/31 4,700

ADVERTISING SUPPLIES EXPENSE

DR SIDE

Dr 12/31 4,700

Explanation:

Preparation of the adjusting entry at December 31

December 31

Dr Advertising Supplies Expense 4,700

Cr Advertising Supplies 4,700

(8,000-3,300)

Preparation of the T ACCOUNTS

ADVERTISING SUPPLIES

DR SIDE

Dr 8,000

Dr 12/31 Balance 3,300

CR SIDE

Cr 12/31 4,700

ADVERTISING SUPPLIES EXPENSE

DR SIDE

Dr 12/31 4,700

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