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Fill in the Blank Question Supplies are square (assets/expenses Miabilities) until they are used. When they are used, their costs are reported as square (assets/e)(penses/liabilities). (4)

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Fill in the Blank Question
Supplies are square  (assets/expenses Miabilities) until they are used. When they are used, their costs are reported as square 
(assets/e)(penses/liabilities).
(4)

Fill in the Blank Question Supplies are square (assets/expenses Miabilities) until they are used. When they are used, their costs are reported as square (assets/e)(penses/liabilities). (4)

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LeahExpert · Tutor for 3 years

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### Supplies are $\text{assets}$ until they are used. When they are used, their costs are reported as $\text{expenses}$.

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## Step1: Identify the nature of supplies before use<br />### Supplies are considered assets before they are used because they provide future economic benefits.<br />## Step2: Identify the nature of supplies after use<br />### When supplies are used, their costs are reported as expenses because they represent the cost of resources consumed.
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