During their first year, Smith and Associates bought $16,000 worth of supplies for their CPA firm. When purchased, the Supplies account was increased and Accounts Payable increased.
What adjustment would Smith and Associates make if $4,000 worth of supplies were on hand at year-end?

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The Answer of During their first year, Smith and Associates bought $16,000 worth of supplies for their CPA firm. When purchased, the Supplies account was increased and Accounts Payable increased.
What adjustment would Smith and Associates make if $4,000 worth of supplies were on hand at year-end?

During Their First Year, Smith and Associates Bought $16,000 Worth