The modified balance in the Supplies Expense account, following the adjustments, represents the cost of the supplies: -used during the accounting period.
Because the trial balance—the initial pulling—adjusting entries are required. may be brought on by rendered services that haven't been billed yet.
Supplies become expenses once they have been consumed. If supplies have a large financial worth, they may qualify as current assets. Small businesses might enter the quantity of unspent supplies in the asset account under Supplies on their balance sheet if the cost is significant.
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