The Youngstown Company recorded the following adjustment in…
The Youngstown Company recorded the following adjustment in general journal format: Account TitleDebitCreditSupplies Expense500 Supplies 500 Which of the following choices accurately reflects how this event would affect the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ Increase− =IncreaseIncrease Operating Activity (OA)B.Decrease= +Decrease −Increase=DecreaseDecrease Operating Activity (OA)C.Decrease= +DecreaseDecrease− =DecreaseIncrease Operating Activity (OA)D.Decrease= +Decrease −Increase=Decrease