Supplies Are Recorded as Assets When Purchased

question 172

Multiple Choice

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

• A) still on hand
• B) purchased
• C) used
• D) either used or still on hand

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Definitions:

Sales Representatives

Individuals who represent a company by selling its products or services to customers, often directly.

Undue Influence

A situation in which an individual is able to persuade another's decisions due to the relationship between the two parties, often undermining the independence of the decision.

Property Worth

The monetary value of real estate or personal property, determined by various factors including location, condition, and market trends.

Embarrassment

A feeling of self-consciousness, shame, or awkwardness that occurs when a person's dignity is wounded.