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Question

Grady, Inc., follows the practice of expensing supplies as they are received. At year-end, Grady has an inventory

of $400 of supplies on hand. What is the year-end adjusting entry under accrual accounting?

A.

  • Supplies inventory $400
  • Supplies expense $400

B.

  • Supplies inventory $400
  • Accounts payable $400

C.

  • Accounts payable$400
  • Supplies expense $400

D.

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