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lawyer [7]
3 years ago
5

Supplies are assets until they are used. When they are used up, their costs are reported as expenses. The costs of unused suppli

es are recorded in a Supplies asset account. Supplies are often grouped by purpose—for example, office supplies and store supplies. Office supplies include paper, toner, and pens. Store supplies include packaging and cleaning materials.
Business
1 answer:
mezya [45]3 years ago
7 0

Question Completion:

Describe the accounting treatment of Supplies Expenses.

Answer:

Supplies Expenses are debited while the Supplies account is credited with the supplies expenses.

Explanation:

This accounting treatment of Supplies Expenses reduces the balance of the Supplies account by the amount of supplies used during the period.  Thus, what is left in the Supplies account is the cost of the unused supplies at the end of the accounting period.  The treatment also accords with the accrual concept, which requires that expenses are matched to the revenues that they generate in the period.

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In the manufacture of 8,000 units of a product, direct materials cost incurred was $154,600, direct labor cost incurred was $84,
Ilia_Sergeevich [38]

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3 0
3 years ago
In a recent annual report, Apple Computer reported the following in one of its disclosure notes: "Warranty Expense: The Company
Bezzdna [24]

Answer: The matching principle

       

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6 0
3 years ago
PLEASE ANSWER QUICKLY! Write a short paragraph describing the benefits of arriving on time to work and work-related meetings.
andreev551 [17]

Answer:

HOW CAN YOU BE LIKE THIS

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5 0
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The Coffee Express company is located in a business district with few customers on the weekend. To attract customers on Saturday
emmainna [20.7K]

Answer:

c. dynamic pricing.

Explanation:

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Cross price elasticity measures the degree of responsiveness of quantity demanded of a good to changes in the price of another good.

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