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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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The solution explains the adjusting entry relating to supplies on hand.

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The balance in supplies account is 6,700, the actual supplies on hand are 1,700. This means that 5,000 of supplies have been consumed. The adjusting entry is required to ...

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