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BRIEF EXERCISE 4.3 Accounting for Supplies On March 1, Phonic Corporation had office supplies on...

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Accounting

BRIEF EXERCISE 4.3

Accounting for Supplies

On March 1, Phonic Corporation had office supplies on hand of $1,000. During the month, Phonic purchased additional supplies costing $500. Approximately $200 of unused office supplies remain on hand at the end of the month.

Prepare the necessary adjusting entry on March 31 to account for office supplies.

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