If supplies that have been purchased are used in thecourse of business, then:a. a liability will increase.b. an asset will increase.c. owner's equity will decrease.d. owner's equity will increase.

The correct answer is:c. owner's equity will decrease. Explanation:When supplies are used in the…

Answered: If supplies that have been purchased…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 4E: Describe a business transaction that will do the following: a. Increase an asset and increase a...

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If supplies that have been purchased are used in the course of business, then: a. a liability will increase. b. an asset will increase. c. owner's equity will decrease. d. owner's equity will increase.