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21-10-2022
Business

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the office supplies account had a balance at the beginning of year 3 of $4,000 (before the reversing entry). payments for purchases of office supplies during year 3 amounted to $25,000 and were recorded as expense. a physical count at the end of year 3 revealed supplies costing $4,750 were on hand. reversing entries are used by this company. the required adjusting entry at the end of year 3 will include a debit to:

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