A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error?

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A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what is the supply expense for the period?

 

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