Question 1 (1.5 points) Listen The supplies account shows a beginning balance of $3,000. Assume that during the year. $5,500 of supplies were purchased which were correctly debited to the account. Rather than record supplies as they are used, the company does an adjusting entry at year end to record the usage for the year. Assume at year and the company counts that there is $1,700 of supplies left on hand. The adjusting entry involves a: debit to supplies expense for $6,800 debit to supplies for $6,800 debit to supplies expense for $1,700 debit to supplies for S1.700 Listen For the purchase of inventory (perpetual inventory system), which one of the below items would be included in the cost of the inventory, assuming that the inventory is ready to be sold once received? Repairs to fix the inventory due to breakage incurred on delivery Shipping costs (shipped FOB destination from supplier) Insurance in transit (shipped FOB shipping from supplier) Insurance on Warehouse Employee Training Listen In order to keep the accounting equation in balance, if an asset has been increased, then the which one of the following is a possible other half of the transaction? Equity must decrease Liabilities must decrease Another asset must also increase Equity must increase Question point Cavad Listen Juang Company acquires land for $ 56,000 cash. Additional costs are as follows: Removal of shed $ 1,800 Filling and grading 1,500 Paving of parking lot 10,000 Closing costs 690 Juang will record the acquisition cost of the land as $ 56,000 $ 69,990 $ 59.990 $ 56,690