When a firm purchases supplies for use in its business, and the cost of the supplies...

 

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When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required: No adjustment will probably be required. Dr. Supplies Cr. Supplies expense Dr Supplies Cr. Accounts payable Dr Supplies expense Cr Supplies When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required: No adjustment will probably be required. Dr. Supplies Cr. Supplies expense Dr Supplies Cr. Accounts payable Dr Supplies expense Cr Supplies

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when supplies are purchased it is recorded as an asset following journal is recorded Account D... View the full answer