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please help with accounting 1 question with 5 parts, please answer all parts :) Partner Inc. bought $500 worth of supplies on account. How does
please help with accounting
Partner Inc. bought $500 worth of supplies on account. How does this transaction affect the company's accounts? Assets decrease and liabilities decrease Assets decrease and equity decreases Assets increase and liabilities increase Assets increase and equity increases Assets increase and liabilities decrease True or false? Accumulated depreciation is a temporary account that is closed at the end of the period. True False Which of the following statements is true for the Income Summary account? It is an asset account. It is used to close the dividend account. It is a permanent account. It is used to close revenue and expense accounts. TV Box, a television streaming service, receives payments in advance for annual subscriptions to their service. On December 1 , the company received $200 in advance for a 12 -month subscription. What journal entry should the company record on December 1 ? Dr Unearned Revenue 200; Cr Cash 200 Dr Cash 200; Cr Service Revenue 200 Dr Cash 200; Cr Unearned Revenue 200 Dr Unearned Revenue 200; Cr Service Revenue 200 Marley Company purchased $4,000 of office supplies on September 1 . At the end of September, the company had $2,500 office supplies remaining. What amount should Marley Company credit Supplies when recording the adjusting entry at the end of September? Assume there was a beginning balance in Supplies of zero. $2,500 $1,500 $6,500 $4,000 1 question with 5 parts, please answer all parts :)
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