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Office supplies had a balance of $192 on January 1. During the year, $785 of office supplies were purchased on account. At the end of the year, $43 of supplies remained on hand.
a. prepare the journal entry required to record the purchase of supplies.
b. assuming annual adjstments, prepare the necessary adjusting journal entry on Dec. 31.
c indicate the amount that would appear on the balance sheet for supplies on Dec. 31.
Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners' equity is $20,000. What is the amount of Chapman's assets at the beginning of the year?
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