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TB MC Qu . 2 - 3 6 ( Algo ) Knoll Company started Year 2 with... Knoll Company started Year 2 with a $

TB MC Qu.2-36(Algo) Knoll Company started Year 2 with...
Knoll Company started Year 2 with a $880 balance in its Cash account, a $690 balance in its Supplies account and a $1,950 balance in its Common Stock account. During Year 2 the company experienced the following events.
(1) Paid $495 cash to purchase supplies
(2) Physical count revealed $195 of supplies on hand at the end of Year 2
Based on this information the amount of supplies expense reported on the Year 2 income statement is
Multiple Choice
$495.
$990.
$195.
$1,185
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