14) Prior to recording adjusting entries, the Supplies Inventory account has a $150,000 debit balance. A physical count of Supplies Inventory shows a balance of $35,000 still on hand. The required adjusting journal entry is: a. Debit Supplies Inventory 115,000; credit Supplies Expense 115,000 b. Debit Supplies Expense 115,000; credit Supplies Inventory 115,000 c. Debit Supplies Expense 35,000; credit Supplies Inventory 35,000 d. Debit Supplies Expense 150,000 credit Supplies Inventory 150,000 e. Debit Supplies Inventory 35,000; credit Supplies Expense 35,000 15) On November 1 Nguyen Corporation receives $3,600 cash from Singh Inc. for consulting services to be provided evenly over the period November 1, to April 30. The Adjusting entry on December 31 (which is Nguyen Corporation's year-end) includes a. Debit to Service Revenue of 1,200 b. Debit to Unearned Service Revenue of 1,200 c. Credit to Service Revenue of $3,600 d. Credit to Service Revenue of $2,400 e. Credit to Cash $3,600 16) In a manufacturing company inventory that is ready for sale is called A) Raw materials B) Work in process C) Work in progress D) FIFO/LIFO E) Finished goods 17) The LIFO inventory method assumes that the costs of the latest units purchased are A) The last to be allocated to costs of goods sold B) The first to be allocated to ending inventory C) The first to be allocated to costs of goods sold D) Not allocated to costs of goods sold 18) The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the: A) Time-period assumption. B) Economic entity assumption. C) Going-concern assumption. D) Revenue recognition principle. E) Measurement (Cost) principle