Adjustment to recognize the cost of supplies

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Reference no: EM13144629

When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required:

A. Dr Supplies

Cr Accounts payable

B. Dr Supplies

Cr Supplies expense

C. Dr Supplies expense

Cr Supplies

D. No adjustment will probably be required.

Reference no: EM13144629

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