relationship between current assets and current liabilities is important in evaluating a a. profitability b. liquidity c. market value. d. accounting cycle Part # 2 (a) Prepare the journal entries for the following: (3 points) I. January 1, 2018. Purchased an Equipment for $15,000, paying $10,000 in cash and the remainder on credit. 2. January 30, 2018. Supplies used during the month is $8,500. 3. January 31, 2018. Depreciation expense for the month is $190. Journal Entry Work Space