Choose the best description for this journal entry. Purchased supplies for cash and equipment on account. Purchased supplies and equipment, paid cash of $2,000, with the remainder to be paid in the future. Purchased supplies and equipment, paid cash. Purchased supplies and equipment on account. Balser, Inc. has the following account balances as of July 31, 20Y1. On July 31, 20Y1, customers owe Balser, Inc. $31,000. $27,000 $29.500. $10,000. Given the Adjusted Trial Balance below for Smithson, Inc., calculate the book value for Equipment. $84,000 cannot be determined $916,000 $1.000.000 A company has the following account balances as of June 30 of the current year. What is the net income for the month? $24,000 $63,700 $13.700 $16.700 On June 1, Mason Co. had a balance in inventory of $220,000. During the month, the company purchased merchandise for $40,000 and sold merchandise with a cost of $60,000. The company uses the perpetual inventory system. The physical inventory taken on June 30 indicates that $197,000 of merchandise is on hand. The adjusting entry to record inventory shrinkage will include a credit to Inventory for $23,000. a debit to Inventory for $3,000. a debit to Cost of Goods Sold for $3,000. a debit to Cost of Goods Sold for $23,000