During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies...
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Accounting
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in the amount of $27900 were purchased. Actual year-end supplies amounted to $6400. The adjusting entry for store supplies will increase expenses by $21500. decrease supplies by $6400. debit Accounts Payable for $6400. increase net income by $21500.
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