The asset account, Supplies, has a balance of $10,000 on January 1. During January, $22,000 of supplies were purchased on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $2,000. What adjusting entry is necessary at January 31?
A) Supplies Expense 22,000Supplies 20,000Accounts Payable 2,000
B) Supplies Expense 24,000Supplies 24,000
C) Supplies Expense 30,000Supplies 30,000
D) Supplies 30,000Accounts Payable 30,000
C
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Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false.
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Indicate whether the statement is true or false
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