PROBLEM 7: Miscellaneous Short Answer Questions (24 Points) INSTRUCTIONS: Read each question carefully and write your answer in the space provided For numerical answers you must show your supporting calculations or work to receive credit Numerical answers without supporting calculations will not receive credit. 1) Piston Company purchased supplies with cash, in which section of the Statement of Cash Flows is this event reported? 2) Sox Company purchased computer equipment on account. The impact on the accounting equation is (circle one): a. Increase assets and increase equity b. Decrease assets and decrease equity C. Increase assets and increase liabilities d. Decrease assets and decrease liabilities e. No impact on total assets, total liabilities or total equity 3) Blazer Company had a balance in the Supplies account before adjustment at year-end of $2,000. A physical count indicated there are only $100 of Supplies remaining. The adjusting entry required on December 31, 2019 to adjust for the supplies used is: Account Title Date 12/31/2019 Debit Credit 4) Hawk Company's accounting records show the following for the year ending on December 31, 2019 Purchases $320,000 Ending Inventory 25,800 Beginning Inventory 28,800 Purchase Returns 6.500 Purchase Discounts 5.900 Freight-out 7.000 Using the periodic system, the COST OF GOODS SOLD is: COGS