The Supplies account had a $720 debit balance at the end of the accounting period before adjustment for supplies used. An inventory of unused supplies revealed $160 on hand. Which of the following is the required adjusting entry? Supplies Expense - debited $160; Supplies - credited $160 Supplies Expense - debited $560; Supplies - credited $560 Supplies - debited $160; Supplies Expense - credited $160 Supplies - debited $560; Supplies Expense - credited $560 Economic events that affect the financial position of a business are called? Separate entities Money measures Business transactions Financial actions A sale on May 21 with the terms of n/10 com is due to be collected by: May 31 June 1 June 10 June 30 T. Roland invested $41, 200 in Roland Consultancy and the business resources/assets totaled $62, 400. Determine the amount of money Roland Consultancy owes it creditors. $21, 200 $41, 200 $62, 400 $103, 600 Which of the assumption that follows is defined as: "Unless there is evidence to the contrary, the accountant assumes that the business is a going concern and will continue to operate indefinitely?" Matching assumption Periodicity assumption Recognition assumption Continuity assumption