The following information was available for four different companies in the same industry: Net Income Owners' Equity Total assets Total Liabilities Rainer $ 60,000 200,000 550,000 350,000 Shasta $ 70,000 350,000 750,000 |400,000 Hood $ 55,000 150,000 650,000 500,000 St. Elias $ 60,000 300,000 800,000 500,000 Which company appears to have managed its assets the worst? Rainer Hood St. Elias Shasta Jones Co., in its first year of operations, purchased $50,000 of office supplies for cash. At the time of purchase the entire amount had been recorded as Office Supplies Inventory. count of office supplies on December 31, revealed that $20,000 were still on hand. Which of the following adjusting journal entries should Adams make on December 31, as a resul of this information? Office supplies inventory 20,000 Office supplies expense 20,000 Office supplies expense 20,000 Office supplies inventory 20,000 Office supplies inventory 30,000 Office supplies expense 30,000 Office supplies expense 30,000 Office supplies inventory 30,000 2 Save Jones Co incurred $10,000 of operating expenses and promised to pay the service provider next month. Which of the following journal entries should Jones make as a result of this information? Operating expense 10,000 Accounts receivable 10.000 Accounts receivable 10,000 Operating expense 10,000 Accounts payable 10,000 Operating expense 10,000 Operating expense 10,000 Accounts payable 10,000