Jones Company purchased $800 in office supplies with cash this year but it will be...
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Accounting
Jones Company purchased $800 in office supplies with cash this year but it will be used up before the end of the year when the financials are prepared. Since it is short lived and will be used up during this accounting period, Jones Company decided to record it as an expense instead of an asset at the time of purchase. The journal entry to record this transaction when Jones Company buys the office supplies would be
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