Question: Consider an adjusting journal entry that debits Supplies Expense and credits Supplies. Which of the following statements is not correct? The entry decreases net income

Consider an adjusting journal entry that debits Supplies Expense and credits Supplies. Which of the following statements is not correct? The entry decreases net income and decreases assets. The entry increases expenses and increases retained earnings. The entry decreases net income and decreases stockholders' equity. The entry increases expenses and decreases assets

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