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How to prepare the t-accounts for each account

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Reference no: EM132646106

At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $8,000 and Supplies Expense of $0. On December 31, supplies costing $7,200 are on hand.

Required:

Question 1: Prepare the adjusting journal entry on December 31.

Question 2: Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.

Reference no: EM132646106

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