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Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020. On January 1, 2020, ABC had $44,000 in the supplies

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Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020. On January 1, 2020, ABC had $44,000 in the supplies account and on December 31, 2020 a physical count of supplies revealed $38,000 still on hand. In the adjusting entry on December 31, 2020, what is the debit to supplies expense? Multiple Choice O s 66,000 O s 72000 s16,000 O s154,000

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