The purpose of depreciation is to Multiple Choice Allocate the asset's cost to the periods benefiting from its use Measure the change in an asset's value Adjust the ledger account balances for assets to equate to their current market value Adjust the carrying value of an asset to market value The accounting basis that attempts to measure performance in the period in which it occurred is the Multiple Choice Accrual Basis Revenue Recognition Basis Cash Basis IFRS Basis Before recording adjusting entries, the Office Supplies account had a $359 debit balance while a physical count of the supplies showed $105 of unused supplies on hand. Thus, the required adjusting entry is Multiple Choice Some other entry Debit Office Supplies $105 and credit Office Supplies Expense $105 Debit Office Supplies Expense $254 and credit Office Supplies $254 Debit Office Supplies Expense $105 and credit Office Supplies $105 Next> Financial statements are prepared in the following order Multiple Choice Balance sheet, income statement, statement of changes in equity Income statement, statement of changes in equity, balance sheet Balance sheet, statement of changes in equity, income statement Statement of changes in equity, balance sheet, income statement