Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 30 - No. 2)
What is the journal entry for recognizing the use of supplies that were initially recorded as an asset?
Debit Supplies Expense, Credit Supplies.
Debit Supplies, Credit Supplies Expense.
Debit Cash, Credit Supplies Expense.
Debit Supplies Expense, Credit Cash.
Explanation
The supplies are converted to expense as they are used.
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