1. At March 1, 2010, Jupiter Corp. had supplies on hand ofs500. During the month, Jupiter purchased s upplies ofs1,200 and used supplies of $1,500.The March 31 adjusting journal entry should include a A) debit to the supplies account for $1,500. B) credit to the supplies account for $500. C) debit to the supplies account for $1,200. D) credit to the supplies account for $1,500. 2. The balance in the Prepaid Rent account before adjustment at the end of the year is $15,000, which represents three months' rent paid on December. The adjusting entry required on December 31 is to A) debit Rent Expense, $5,000; credit Prepaid Rent, S5,000. B) debit Rent Expense, $10,000; credit Prepaid Rent $10,000. C) debit Prepaid Rent, $5,000; credit Rent Expense, $5,000. D) debit Prepaid Rent, $10,000; credit Rent Expense, $10,000. 3 Julian Junkets has the following inventory information 10 units at $90 60 units at $84 40 units 30 units at $87 28 units July Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis? A. 5,796 B. 2,778 C. 2,748 D. 2,754 /Julian Junkets has the following inventory informiation. 10 units at $90 60 units at $84 40 units 30 units at $87 28 units July Beginning Inventory 5 Purchases 14 Sale 21 Purchases 30 Sale Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? A. 5,796 B. 2,772 C. 2,754 D. 2,748 .Unearned revenue is classified as A) an asset account. B) a revenue account. C) a contra-revenue account. D) a liability 5