Asked by Carmen Stavole on Jun 26, 2024
Verified
The amount of supplies used causes an increase in Supplies and a decrease in Expense.
Supplies Used
The cost of supplies consumed during a specific period, often recorded as an expense on the income statement.
Expense
Expense is the cost of operations that a company incurs to generate revenue, encompassing everything from rent and salaries to utilities and materials.
- Utilize adjustment journalizing approaches for handling unearned revenues and the expensing of supplies.
Verified Answer
KZ
Kinsley ZhangJul 01, 2024
Final Answer :
False
Explanation :
Using supplies causes a decrease in Supplies (an asset account) and an increase in Expense, reflecting the consumption of the supplies.
Learning Objectives
- Utilize adjustment journalizing approaches for handling unearned revenues and the expensing of supplies.
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