Mize Company provided $45,500 of services on account, and collected $38,000 from customers during the year. The company also incurred $37,000 of expenses on account, and paid $32.400 against its payables. How do these events impact the elements of the financial statements model? Multiple Choice O Total assets would increase C ) Total liabilities would O Total equity would increas During a company's first year of operations, the asset account, Office Supplies, was debited for $4,100 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1,725 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? Multiple Choice Expenses will increase and assets will decrease by $2,375 Assets and expenses will both increase by $1725 Expenses and assets will both increase by $2.375 O