Posted: September 23rd, 2016

Knoll Co. made the adjusting entry for the amount of supplies consumed during the accounting period

Knoll Co. made the adjusting entry for the amount of supplies consumed during the accounting period. Which of the following choices reflects how this event would affect the company’s financial statements?

Assets = Liab. + Equity Rev. – Exp. = Net Inc. Cash Flow
+- = NA + NA NA – + = – NA
– = NA + – NA – + = – NA
+ = + + NA NA – NA = NA +OA
– = – + NA NA – NA = NA NA