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Explain how the accounting equation is impacted

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Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month, $1350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of hte month, $500 of supplies remained. Develop the adjusting entry. (1) name the accounts impacted and how using the formal account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.

Reference no: EM13513766

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