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22. On December 1 a company purchased supplies for $1,300. On December 31, an actual_physica inventory showed that $800 of supplies were on hand. The closing adjusting entry is: a. Debit Supplies Expense; Credit Supplies on Hand, $800 b. Debit Supplies Expense; Credit Supplies on Hand, $1,300 c. Debit Supplies Expense; Credit Supplies on Hand, $500 d. Debit Supplies on Hand; Credit Cash, $500 23. The first step in the accounting cycle is: a. Prepare financial statements b. Post journal entries to the accounts in the ledger c. Journalize transactions in the journal d. Analyze transactions by examining source documents 24. The Futures Company had revenues of $50,000 and expenses of $30,000 for the year. Mr. Futures withdrew $5,000 from the business during the year. The accounting entry to close the Income Summary Account is: 2. Income Summary $20,000 Mr. Futures capital Mr. Futures capital $20,000 Income Summary Income Summary $5,000 Mr.Futures drawing Mr. Futures drawing $5,000 Income Summary $20,000 b. $20,000 c. $5,000 d. I $5,000 25. An example of an adjusting entry for deferred items is: a. expense to asset b. asset to expense c. revenue to liability d. liability to expense