Adjusting the Supplies account will:
A) decrease the total assets and increase the total expenses.
B) decrease the total assets and decrease the total expenses.
C) increase the total assets and increase the total expenses.
D) increase the total assets and decrease the total expenses.

Question

Quizplus · Accepted Answer

Adjusting the Supplies account typically involves recording the supplies used during the period as an expense, which decreases the Supplies asset account and increases the Supplies Expense account, thus decreasing total assets and increasing total expenses.

Adjusting the Supplies Account Will