Homework Answers
For using supplies, the entry made is debit supplies expense and credit supplies.
If using up supplies of entry is not made, then in this case expenses will be understated and net income will be overstated and assets will be overstated
So option b, c and d are wrong.
Only Option a is correct - Equity will be overstated as net income will be overstated.
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Is this correct?
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Is this correct?
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