Question 38 2 pts At the beginning of the period, Doggie Biscuit Corporation had $1,600 of supplies on hand. During the period, it purchased $3,600 of supplies and at the end of the period, the company determined that only $3,200 of supplies were still on hand. What adjusting entry should Doggie Biscuit Corporation make at the end of the period? DR Supplies 2,000 CR Supplies Expense 2,000 DR Supplies Expense 5,200 CR Supplies 5,200 DR Supplies Expense 2,000 CR Supplies 2,000 DR Supplies 5,200 CR Supplies Expense 5,200 Question 37 2 pts On October 1, St. George Insurance Company receives the insurance premium, in advance, from a customer fora 12-month insurance policy for $4,800. Assuming that the company closes its books on December 31, what will be the adjusting entry on December 31? DR Unearned Revenue 1,200 CR Prepaid Insurance 1,200 DR Unearned Revenue 1,200CR Insurance Premium Revenue 1,200 DR Insurance Expense 1,200 CR Prepaid Insurance 1,200 DR Insurance Premium Revenue 1,20O CR Unearned Revenue 1,200 Question 30 3 pts Generally accepted accounting principles are: Guides to action that apply primarily to the process of managerial accounting. Accounting standards enforced by the Internal Revenue Service. Accounting standards that never change. Guides to action that apply primarily to the process of financial accounting. None of the above