1.

If Regent Tax Services' office supplies account balance on March 1 was $800, the company purchased $750 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $900 unused, what is the amount of the adjusting entry for office supplies on March 31?

• $750

• $800

• $650

• $950

• $1550

2.

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:

1. Andrea invested $14,600 cash in the business.
2. Andrea contributed $31,000 of photography equipment to the business.
3. The company paid $3,200 cash for an insurance policy covering the next 24 months.
4. The company received $6,800 cash for services provided during January.
5. The company purchased $7,300 of office equipment on credit.
6. The company provided $3,850 of services to customers on account.
7. The company paid cash of $2,600 for monthly rent.
8. The company paid $4,200 on the office equipment purchased in transaction #5 above.
9. Paid $385 cash for January utilities.

Based on this information, the balance in the A. Apple, Capital account reported on the Statement of Owner's Equity at the end of the month would be:

• $52,400.

• $53,265.

• $44,350.

• $41,765.

• $46,800.