Question $20(2$ points$)$

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During the first year of Selena Gomez Co$.\text{'}$s operations, all purchases were recorded as assets. Supplies in the amount of $$37,400$ were purchased. Actual year$-$end supplies amounted to $$4,600.$ The adjusting entry for store supplies wi

$$ increase expenses by $$32,800.$

$$ debit Accounts Payable for $$4,600.$

$$ decrease supplies by $$4,600.$

$$ increase net incomgby $$32,800.$