Myron Is a Barber Who Does His Own Accounting for His

question 77

Short Answer

Myron is a barber who does his own accounting for his shop. When he buys supplies he routinely debits Supplies Expense. Myron purchased $1,500 of supplies in January and his inventory at the end of January shows $400 of supplies remaining. What adjusting entry should Myron make on January 31?

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Definitions:

Treaty of Paris

The agreement signed in 1783 that ended the American Revolutionary War, recognizing the independence of the United States.

Native Americans

Indigenous peoples of the Americas, encompassing a wide range of cultures, languages, and histories prior to European colonization.

Canada

A country located in the northern part of North America, known for its vast landscapes, multicultural diversity, and being a member of the Commonwealth representing a constitutional monarchy.

Wealthy Planters

Individuals or families who own large agricultural estates, often worked by slaves or laborers, and hold significant social, economic, and political power.