Office Supplies Somerville Corp. purchases office supplies once a month and prepares monthly… 1 answer below »
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Office Supplies
Somerville Corp. purchases office supplies once a month and prepares monthly financial statements.
The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of
supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Prepare the
necessary adjusting entry on Somerville’s books on May 31. What will be the effect on net income
for May if this entry is not recorded?
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