2 Points Question 3 Luca Pacioli was: A The US Senator who initiated the Sarbanes-Oxley Act. B The inventor of the fraud triangle. The first Chairman of the Securities and Exchange Commission D Author of the first book on double-entry accounting. 2 Points Question 4 During a company's first year of operations, the asset account, Office Supplies, was debited for $2,300 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $825 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? Assets and expenses will both increase by $825. B Expenses and assets will both increase by $1,475. The related adjusting entry has no effect on net income or the accounting equation. D Expenses will increase and assets will decrease by $1,475