On April 1,Balsa Company Purchased $800 of Office Supplies $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

question 101

Essay

On April 1,Balsa Company purchased $800 of office supplies.At the end of April,they took a count of the remaining supplies and found that there were $150 of supplies left.Please provide the adjusting entry needed at the end of April.
$$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline\end{array}$$

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Definitions:

Concentration Ratio

A measure used in economics to assess the degree to which a market or industry is dominated by the top firms.

Market Shares

The percentage of an industry's sales that is earned by a particular company over a certain time period.

Monopolistically Competitive

Characterizing a market environment where several sellers offer differentiated products, resulting in non-price competitive strategies.

Price-Taker

An economic agent (e.g., a firm or consumer) that has no control over the market price and must accept prices as given.