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47) Based on the preceding information, which of the following would be the correct account...

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Question

Accounting

47) Based on the preceding information, which of the following would be the correct account balances for 20X8 if Gotham City used the purchase method of accounting for inventories?

Expenditures

Inventory of

Supplies

A)

$

0

$

8,000

B)

$

0

$

1,500

C)

$

6,500

$

1,500

D)

$

6,500

$

0

A) Option A

B) Option B

C) Option C

D) Option D

Answer: B

Please explain using clear steps

Answer & Explanation Solved by verified expert
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