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6. Which of the following accounts is an asset? (2 PT) a. Jack Rossi, Capital b. Notes Payable C. Prepaid Rent d. Supplies Expense 7.

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6. Which of the following accounts is an asset? (2 PT) a. Jack Rossi, Capital b. Notes Payable C. Prepaid Rent d. Supplies Expense 7. Use this information pertaining to XYZ Company to answer the following question. The corporation's Store Supplies account showed a beginning debit balance of $200 and supplies purchased of $800. There were $300 of supplies on hand at year end. The adjusting entry for Store Supplies is a. Store Supplies Expense 700 Store Supplies 700 b. Store Supplies Expense800 Store Supplies 800 C. Store Supplies 700 Store Supplies Expense 700 d. Store Supplies Expense 300 Store Supplies 300 9. The Income Summary account is debited in the entry that closes (2 PT) a. the Withdrawals account. b. expense accounts. C. net income. d. revenue accounts

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