Identify the type of adjustment necessary (the type of item involved) and record the transaction for the event. Make sure to include the ending balances after adjustment.
Assume that on June 1, 2013, Tasty Sausage Corp. has a balance of $100 for supplies. On June 6 it purchased $600 in supplies for cash. On June 30, at the end of the accounting period, there are $300 of supplies on hand. The June 30 adjustment is:
Definitions:
Equation
An equation is a mathematical statement that asserts the equality of two expressions, typically containing one or more variables.
Binomial Experiment
A statistical experiment that has exactly two possible outcomes for each trial and a fixed number of trials.
Probability
A measure of the likelihood of a certain event or outcome occurring, expressed as a number between 0 and 1.
Probability Distribution
A mathematical function that describes the likelihood of obtaining the possible values that a random variable can assume.
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