X, Co.purchased supplies costing $5,000 on 1/1/ 2020 and recorded the transaction by increasing assets. At the end of the year $2,000 of the supplies are used. if X co make the adjusting entry for supplies what is the impact on X,co income statement at 31/12/2020 Select one: a. no effects in income statement b. Expenses increased by $2,000 c. Assets decreased by $3,000 d. expenses increased by $3,000 Previous page Next page