QUESTION 7 t points Save Answer The purchase of supplies on credit willassets and liabilities O Decrease, increase O Decrease, decrease O Increase, increase QUESTION 8 4points Save Answer During the accounting cycle, we analyze transactions to prepare statements O True False QUESTION 9 4 points Save Answer The supplies account for a company has a $1,000 debit balance at the beginning of the year. Supplies of $2,000 were purchased during the year and debited to the Supplies account. A Dedember 31 physical count shows $500 of supplies remaining at the end of the year. Assume no other adjusting entries are made during the year. Using the 3-step process for creating adjusting entries, calculate the adjustment amount for supplies (no journal entry is required) O $1,000 adjustment O $2,000 adjustment O s2,500 adjustment O s3,000 adjustment 3 32 PM al 98% QUESTION 10 4 points Save Answer During the accounting cycle, to complete step 7 you would O Prepare post-closing trial balance-Test clerical accuracy of the closing procedures O Prepare adjusted trial balance- Summarize adjusted ledger accounts and amounts. Prepare statements--Use adjusted trial balance to prepare financial statements. OClose-Journalize and post entries to close temporary accounts. QUESTION 11 4 points Save Answer The three financial statements that should be prepared during the accounting cycle are the: O Balance sheet, adjusted trial balance, income statement O Balance sheet, unadjusted trial balance, Statement of Owner's Equity O Income statement, adjusted trial balance, Statement of Owner's Equity O Balance sheet, Income statement, Statement of Owner's Equity QUESTION 12 4 points Save Answer An optional working paper, which is not a required report or an accounting record, but is used to prepare a company's unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements is a(n) O Adjusted trial balance O Worksheet O Post-closing trial balanoe O Unadjusted trial balance Click Save and Submit to save and submit. Click Save All Ansuers to save all answers All Answers Close Window Save and Submit