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During its' first year of operations a company purchased supplies totaling $ 2 8 , 8 0 0 and recorded these in an asset account.

During its' first year of operations a company purchased supplies totaling $28,800 and recorded these in an asset account. The actual amount of supplies at year-end was $22,200. The adjusting entry for supplies will
decrease supplies by $6,600
decrease supplies by $22,200
decrease expenses by $6,600
decrease net income by $22,200
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