Supplies are recorded as assets when purchased. Therefore, the credit to supplies in the adjusting entry is for the amount of supplies
A) still on hand
B) purchased
C) used
D) either used or still on hand

Question

Quizplus · Accepted Answer

The credit to supplies in the adjusting entry is for the amount of supplies used, as it reduces the asset account to reflect the consumption of supplies during the period.

Supplies Are Recorded as Assets When Purchased