Question
Given the followingtransaction: At the end of the month, we record the supplies that have been used throughout the period. Required: For the transaction above,
Given the followingtransaction:
At the end of the month, we record the supplies that have been used throughout the period.
Required:For the transaction above, complete the following:
(a)Select the accounts that are affected (there will be at least two).
(b)Are the selected accounts increased or decreased?
(c)If Equity is selected, choose the reason that it has changed.
AccountWhich account is affected?Is the account increased or decreased?Why has Equity changed?Cash
Increased
Decreased
Accounts Receivable
Increased
Decreased
Supplies
Increased
Decreased
Prepaid Insurance
Increased
Decreased
Equipment
Increased
Decreased
Accounts Payable
Increased
Decreased
Equity
Increased
Choose One
Investment by Owner
Revenue
Expense
Drawing
Decreased
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