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:

Ethical View

A perspective or stance on what is morally right or wrong, often reflecting personal or societal beliefs.

Domestic Businesses

Companies that operate within the legal boundaries of a single country, focusing primarily on the local customer base.

Multinational Companies

Corporations that operate and provide goods or services in more than one country outside of their home country.

GDP

Gross Domestic Product, a measure of a country's economic performance, representing the total value of all goods and services produced over a specific time period.