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Beginning balance in the Supplies Account is $3,500. During the year the company purchased $4,700 of supplies on account. During the year the company paid
Beginning balance in the Supplies Account is $3,500. During the year the company purchased $4,700 of supplies on account. During the year the company paid $3,200 of the related $4,700 payables. An inventory showed $3,000 of supplies on hand as of December 31. Supplies expense on the Income Statement would be?
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