What effect will this adjusting journal entry have on the accounting records? $$\begin{array} { | c | l | l | }
\hline \text { Supplies Expense } & 760 & \
\hline \text { Supplies } & & 760 \
\hline
\end{array}$$
A) increase income
B) decrease net income
C) decrease expenses
D) increase assets

Question

What effect will this adjusting journal entry have on the accounting records? $$\begin{array} { | c | l | l | } 
\hline \text { Supplies Expense } & 760 & \
\hline \text { Supplies } & & 760 \
\hline
\end{array}$$
A) increase income
B) decrease net income
C) decrease expenses
D) increase assets

Quizplus · Accepted Answer

The adjusting journal entry records supplies expense, which increases expenses and decreases net income.

What Effect Will This Adjusting Journal Entry Have on the Accounting