The balance in the office supplies account on January 1 was $10,000, supplies purchased during January...

 

Transcribed Image Text:

The balance in the office supplies account on January 1 was $10,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. Identify how the accounting equation will be impacted when the adjusting entry for supplies used is made. assets increase $2,000; owners' equity increases $2,000 O assets decrease $11,000; owners' equity decreases $11,000 assets decrease $2,000; owners' equity decreases $2,000 assets decrease $11,000; owners' equity increases $11,000 The balance in the office supplies account on January 1 was $10,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. Identify how the accounting equation will be impacted when the adjusting entry for supplies used is made. assets increase $2,000; owners' equity increases $2,000 O assets decrease $11,000; owners' equity decreases $11,000 assets decrease $2,000; owners' equity decreases $2,000 assets decrease $11,000; owners' equity increases $11,000

Answer rating: 100% (QA)

Impact of Adjusting entry for supplies used Beginning of supplies 10000 Add ... View the full answer