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On January 1st, Veronica Company Began the Year with $400

Question 98

Multiple Choice

On January 1st, Veronica Company began the year with $400 worth of supplies, and during the year, purchased $1,600 worth of supplies on account. On December 31st, the fiscal year end, it is determined that $1,000 dollars of supplies have been used up.
What is the balance in the supplies account after adjustment?


A) $1,400
B) $1,000
C) $ 1,200
D) $ 2,400

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