a company purchased supplies for cash, which will be consumed during future months. which of the following correctly describes the impact of the supplies purchase on the financial statements?

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27-06-2022
Business

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a company purchased supplies for cash, which will be consumed during future months. which of the following correctly describes the impact of the supplies purchase on the financial statements?

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jayilych4real jayilych4real · Answer 1 · 2022-06-29T13:40:55+02:00

The answer choice that correctly describes the impact of the supplies purchase on the financial statements is A. total assets will remain unchanged.

What is an Asset?

This refers to financial property owned by a company or individual that has some degree of value.

Hence, we can see that given the fact that a company purchased supplies for cash that would be used in a few months, this would leave the total assets unchanged.