On 1/1/2020 Blum Inc. had a $10,000 balance in the asset account Supplies. During 2020,...
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On 1/1/2020 Blum Inc. had a $10,000 balance in the asset account Supplies. During 2020, Blum Inc. purchased and expensed immediately $28,000 of supplies. At 12/31/2020 Blum Inc. counted $13,500 of supplies remaining in the supply cabinet. What amount of Supplies Expense was reported on Blum Inc.s 2020 income statement? Group of answer choices $31,500 $13,500 $14,500 $24,500 $38,000
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