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On January 1, 2021, Martinez City purchased office supplies for $60,000. During the year, $52,000...

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Question

Accounting

On January 1, 2021, Martinez City purchased office supplies for $60,000. During the year, $52,000 of these supplies were used.

Required:

a) Record the journal entries for these transactions using the purchases method. (Disregard the encumbrance entries.)

b) Record the journal entries for these transactions using the consumption method. (Disregard the encumbrance entries.)

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