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Xafra Cyber purchased $920 of office supplies during January 2024. At the end of the...

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Accounting

Xafra Cyber purchased $920 of office supplies during January 2024. At the end of the accounting period on January 31, Xafra Cyber still had $220 of unused supplies on hand. The $220 of supplies is an asset with future benefit. Since Xafra Cyber recorded the entire $920 as Office Supplies & Software (Expenses), an adjusting entry is needed to bring accounts up to date at January 31.
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