On January 1, Ogden, Inc. had $1,500 of supplies on hand. During January, Ogden purchased $5,500 worth of new supplies. At the end of the month, a count revealed $700 worth of supplies remaining on the shelves
The adjusting entry needed will include a debit to Supplies Expense of $6,300. The supplies were initially recorded as an asset.
Indicate whether the statement is true or false
TRUE .Supplies Expense = $1,500 + $5,500 - $700 = $6,300
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