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Midterm Ch1-5 The supplies account had a balance of $1,036 at the beginning...

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Accounting

Midterm Ch1-5
The supplies account had a balance of $1,036 at the beginning of the year and was debited during the year for $2,387, representing the total of supplies purchased during the year. If $2,647 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is
a. $3,423
b. $2,647
c. $776
d. $5,034
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