3.1-*PLEASE ANSWER ALL 5 QUESTIONS*

5 multiple choice questions.

1.

2.

3.

4.

5.

When a company purchases supplies on account Multiple Choice Cash flow from financing activities decreases Total assets decrease Expenses increase Liabilities increase ccounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies; $200 of supplies expense $1,400 of supplies; $2,000 of supplies expense $1,400 of supplies; $3,200 of supplies expense $1,600 of supplies; $3,400 of supplies expense Which of the following events could have caused these effects? Multiple Choice Paid cash to reduce supplies payable Recognized supplies expense Paid cash to purchase supplies Purchased supplies on account Which of the following events would require a year-end adjusting entry? Multiple Choice Purchasing supplies for cash during the year. Purchasing land for cash during the year. Providing services on account during the year. Each of these events would require a year-end adjusting entry. Which of the following events involves a deferral? Multiple Choice Recording interest that has been earned but not received. Recording revenue that has been earned but not yet collected in cash. Recording supplies that have been purchased with cash but not yet used. Recording salaries owed to employees at the end of the year that will be paid during the following year