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The Supplies Account Has a Balance of $750 at the Beginning

Question 3

Multiple Choice

The Supplies account has a balance of $750 at the beginning of the year and was debited during the year for $2800,representing the total of supplies purchased during the year.If $950 of supplies is on hand at the end of the year,the supplies expense to be reported on the profit and loss statement for the year is:


A) $750
B) $950
C) $2600
D) $4500.

Correct Answer:

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