Financial Accounting :Adjusted balance
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Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 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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Solution Summary
The solution shows T accounts, the adjusting entries, and indicate the adjusted balance in each account.
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Journal entry
Date Particulars Debit Credit
31Dec Advertising Supplies Expense 5000
Advertising Supplies 5000
Advertising Supplies Expense
Date Particulars Amount Date Particulars Amount
...
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