Which of the following events would require a year-end adjusting entry?
A)Purchasing supplies for cash during the year.
B)Purchasing land for cash during the year.
C)Providing services on account during the year.
D)Each of these events would require a year-end adjusting entry.

Question

Quizplus · Accepted Answer

Purchasing supplies for cash requires an adjusting entry to account for the supplies used during the year, as the initial purchase increases the supplies asset account, and the adjusting entry decreases it to reflect the supplies expense.

Which of the Following Events Would Require a Year-End Adjusting