What is the impact of the following transaction: Business counts the supplies it has on hand at the end of the accounting period and realizes that $5,000 in supplies have been used up during the current accounting period and records the usage of the supplies.
a. Decrease in assets and increase in expenses.
b. Increase in liabilities and increase in expenses.
c. Decrease in assets and increase in liabilities.
d. Increase in liabilities and increase in revenues.
e. Increase in assets and increase in expenses.