During its' first year of operations a company purchased supplies totaling $28,800 and recorded these in an asset account. The actual amount of supplies atyear-end was $22,200. The adjusting entry for supplies willO decrease supplies by $6,600O decrease supplies by $22,200Odecrease expenses by $6,600O decrease net income by $22,200

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Description: During its' first year of operations a company purchased supplies totaling $28,800 and recorded these in an asset account. The actual amount of supplies atyear-end was $22,200. The adjusting entry for supplies willO decrease supplies by $6,600O decr

Journal Entry:— It is an act of recording transactions in books of account when transaction…

Business

Accounting

During its' first year of operations a company purchased supplies totaling $28,800 and recorded these in an asset account. The actual amount of supplies am year-end was $22,200. The adjusting entry for supplies will O decrease supplies by $6,600 O decrease supplies by $22,200 O decrease expenses by $6,600 O decrease net income by $22,200

During its' first year of operations a company purchased supplies totaling $28,800 and recorded these in an asset account. The actual amount of supplies am year-end was $22,200. The adjusting entry for supplies will O decrease supplies by $6,600 O decrease supplies by $22,200 O decrease expenses by $6,600 O decrease net income by $22,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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