The Entry to Adjust for the Cost of Supplies Used

question 113

Multiple Choice

The entry to adjust for the cost of supplies used during the accounting period is

• A) debit Supplies Expense; credit Supplies
• B) debit Retained Earnings; credit Supplies
• C) debit Accounts Payable; credit Supplies
• D) debit Supplies; credit Retained Earnings

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Definitions:

Dependability

The quality of being trustworthy and reliable, essential for establishing long-term relationships in personal and professional contexts.

Supply Chain

The entire network of entities, directly or indirectly interlinked and interdependent in serving the same consumer or customer, involved in the delivery of a product or service from the supplier to the customer.

Communication

The process of exchanging information and ideas between individuals or groups using spoken words, written language, or other mediums.

Convenience

The quality of being suitable or suitable to one's needs or purposes with minimal effort or difficulty, often emphasized in product and service design.