Prepare Adjustment Entry: A business had no fuel on hand at the beginning of the...
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Accounting
Prepare Adjustment Entry:
A business had no fuel on hand at the beginning of the year. It made several purchases of fuel oil during the year. Some purchases, $900, were debited to Fuel Expense, whereas others, $1,100, were charged to an asset account, Fuel Supply on Hand. Al oil gauge revealed $400 of fuel on hand at the end of the year. Prepare the necessary adjustment at December 31.
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