Cal Farms reported supplies expense of $1,400,000 this year. The supplies account decreased by $150,000 during the year to an ending balance of $380,000. What was the cost of supplies the Cal Farms purchased during the year? Multiple Choice $1,550,000 $1,020,000 $1780,000 $1,250,000 The purpose of closing entries is to transfer: Multiple Choice Balances in temporary accounts to a permanent account. Inventory to cost of goods sold when merchandise is sold. Accounts receivable to retained earnings when an account is fully paid. Assets and liabilities when operations are discontinued