During a company's first year of operations, the asset account, Office Supplies, was debited for $4100 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1725 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? Multiple Choice Experies will increase and assets will decrease by $2,375 O Assets and expenses will both increase by $1725 Expenses and assets will both increase by $2.375 The related adjusting entry has no effect on net income of the accounting equation The trial balance of Barger Company at the end of the accounting period, immediately prior to recording closing entries, showed the following: Cash Land Notes payable Common stock Retained earnings Service revenue Expenses Dividends Total Debit Credit 21,000 40,000 24,400 14,000 12,000 53,000 40,900 1,500 $183,400 $103,400 What will the balance of the retained earnings account be after the closing entries are recorded? Multiple Choice $22.600 $10.600 $24.900 $12.300 The following account balances were taken from the adjusted trial balance of Kendall Company Revenues Operating Expenses Dividends Retained Earnings $24,800 15,800 5,300 17,800 What is the retained Earnings account balance that will be included on the post-closing trial balance Multiple Choice O $3,700 $21,500 $26,800 $9,000 What effect will the following closing entry have on the retained earnings account? 19,400 900 Service Revenue Interest Expense Operating Expenses Retained Earnings 15,800 2,700 Multiple Choice Retained earnings will remain unchanged. Retained earnings will decrease by $2,700. Retained earnings will increase by $2,700. Retained earnings will be transferred to the income statement Nelson Company began operations on December 1 Year 1. The following transactions and adjustments were recorded in December and posted to the company's ledger accounts 5) Purchased $550 of supplies on account to be used in January Acquired $4.000 cash from the issue of common stock to its stockholders 2) Provided services on account for $3,500 3) Paid $2.000 cash for land 4) Owed $1,500 of salaries expenses to employees for work done in December that will be paid during January 6) Collected $1800 from customers What is the total of the debit account balances that will be reported on the company's adjusted trial balance at December 31 Year? Multiple Choice O $9.550 $7.300 O $3700 O $5.500