The effect on the accounting equation from using supplies which had been previously recorded as an asset is:
d
Mi
T
O assets increase and owners' equity decrease
O assets increase and liabilities increase
O assets decrease and owners' equity decrease
ale
C!
O assets decrease and liabilities increase
D
Loc
BI
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28-08-2021
Business

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The effect on the accounting equation from using supplies which had been previously recorded as an asset is:
d
Mi
T
O assets increase and owners' equity decrease
O assets increase and liabilities increase
O assets decrease and owners' equity decrease
ale
C!
O assets decrease and liabilities increase
D
Loc
BI
Need help? Review these concept resources.
High
Medium
LOW
Do Readin
foi
Rate your confidence to submit your answer.
2021 McGraw Hill. All Rights Reserved.
Privacy | Terms of Use
Type here to search
O
Bi
SA

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-09-08T13:27:12+02:00

The effect on the accounting equation from using supplies which had been previously recorded as an asset is that the assets will decrease and the owner's equity will decrease too.

The assets are the resources that the company has. The owner's equity refers to the proportion from the total value of the asset of a company that the owner can claim.

Since the supply was recorded before as an asset, then the asset will reduce and the owner's equity reduces as well.

In conclusion, the correct option is C.

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