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During a company's first year of operations, the asset account, Office Supplies, was debited for...

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Accounting

During a company's first year of operations, the asset account, Office Supplies, was debited for $3,000 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1,175 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements

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