6. BudBak reports a beginning balance in their Supplies account of $10,000. During the accounting period they purchased additional supplies of $12,500. A physical count of inventory at the end of the period revealed supplies on hand of $2,870. Supplies Used (aka Supplies Expense) for the period is: a) b) this journal entry will result in Asset increase/decrease Liabilities increase/decrease Equity increase/decrease 7. Could such an asset as Inventory became and expense? Y/N 8. Could such an asset as Land became an expense? Y/N 9. Gross Profit = ? 10. FunTan Company uses a periodic inventory system. For 2020 it's beginning inventory was $4,000. Inventory purchases during the period were $30,000. Inventory at the end of the period was $9,000. What was the amount of FunTan's cost of goods sold for 2018