1S. The normal operating cycle helps define which of the following balance sheet sections? a. Property, plant and equipment b. Current Assets and Liabilities c. Stockholders' Equity d. Intangible assets. 16. Spencer Gifts had a beginning balance of supplies of $13,000 at January 1, 2017. During April they purchased an additional $18,000 and then in September they purchased another $7,000. At December 31, 2017, they had only $5,000 of supplies left. Prepare ONLY the journal entry to record the supplies that were used during 2017. 17. Which of the following terms best describes the assumption made in applying the inventory methods of LIFO, FIFO and Average Cost? a. Goods flow b. Asset flow c. Cost flow d. Physical flow