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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Purrfect Pets had $6,000 of supplies at the end of October. During November, the company bought $2,000 of supplies. At the end of November, the company had $1,000 of supplies remaining. Which of the following statements is not true? Answer
| Â | Â | During November, the company used $7,000 of supplies. |
| Â | Â | Supplies should be reported at $1,000 on the balance sheet. |
| Â | Â | An expense should be debited for $7,000 in November. |
| Â | Â | An asset should be debited for $1,000 in November. |
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