The Supplies account is an example of an accrued expense.The Supplies account is an example of a prepaid expense.

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The Supplies account is typically considered an asset account when supplies are purchased and stored for future use, not a prepaid expense. Prepaid expenses involve payments made for services or goods to be received in the future, whereas supplies are tangible items already on hand.

The Supplies Account Is an Example of an Accrued Expense