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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO1 As part of the adjustment of supplies, an expense account is debited and Supplies is credited for the amount of supplies used during the accounting period.

To determine

Identify whether the given statement is true or false.

Explanation

Adjusting entries:

Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.

While making adjustment for the supplies used at the end of the year, supplies expense account is debited and supplies account is credited...

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