QUESTION 1 The schedule listing the ending balances of all ledger accounts is called the a. Account balance. b. Trial balance. OC. Net income. d. Cash flows statement QUESTION 4 Sigma Co. purchased supplies and paid the full purchase price in cash. The journal entry necessary to record this event includes a: a. debit to Supplies and a debit to Cash. b.debit to Supplies and a credit to Cash c. debit to Cash and a credit to Supplies. O d.credit to Supplies and a credit to Cash QUESTION 13 Explain how the following journal entry affects the accounting equation: Supplies $800 Accounts Payable $800 a. Both assets and equity increase. ob. Both assets and liabilities decrease. c. Both liabilities and equity decrease. Od. Both assets and liabilities increase QUESTION 29 An understatement of ending inventory results in which of the following in the present period? O a. Understatement of cost of goods sold. b. Understatement of total assets. Oc Overstatement of retained earnings. od. Overstatement of net income. QUESTION 34 Xavier Company paid cash to purchase two identical inventory items. The first purchase cost $25.00 cash and the second cost $26.00 cash. Xavier sold one inventory item for $35 cash. Based on this information alone: O a cash flow from operating activities is $26.00 assuming a LIFO cost flow. b. the amount of cash flow from operating activities is not affected by the cost flow method. OC. cash flow from operating activities is $25.50 assuming a weighted average cost flow. d. cash flow from operating activities is $25.00 assuming a FIFO cost flow