On January 1,Ogden Company Had $1,500 of Supplies on Hand

question 60

True/False

On January 1,Ogden Company 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 $600 worth of supplies remaining on the shelves.The adjusting entry needed will include a debit to Supplies Expense of $6,400.The supplies were initially recorded as an asset.

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Definitions:

Traditional Chinese Medicine (TCM)

A holistic and ancient system of health care originating in China, using techniques such as herbal medicine, acupuncture, and qigong to prevent, diagnose, and treat illness.

Tui Na

A form of Chinese manipulative therapy often used in conjunction with acupuncture, moxibustion, fire cupping, Chinese herbalism, tai chi, and qigong.

Manipulative Technique

A method used in physical therapy, chiropractic, and osteopathy that involves manually moving or exercising joints or muscles to improve health and alleviate pain.

Acupressure

The application of pressure rather than needles to the points used in acupuncture.