question 10 On January 1, 2020 the Supplies account had a balance of $1,200. During the year the company purchased $3,400 of Supplies for cash On December 31, 2020 Saul determined that there were $1,400 of supplies on hand. What entry should be made at December 31, 2020 to correctly record Supplies Expense incurred during the year, Your Answer SUPPLIES EXPENCES 3400 CASH 3400 Which of the following statements is true about accrual accounting? Hide answer choices ~ A Records revenue when it is earned B) Records revenue when cash is received C Records expenses when they are paid Records all assets at fair value