If Supplies Are Recorded as Assets When Purchased, the Credit

question 102

Multiple Choice

If supplies are recorded as assets when purchased, the credit to supplies in the adjusting entry is for the amount of supplies

• A)remaining.
• B)purchased.
• C)used.
• D)purchased less the amount used.

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Definitions:

Sole Proprietorship

A business structure where a single individual owns and runs the business, bearing all the profits and responsibilities for liabilities and debts.