Question: QUESTION 2 Mark the following statements as True or False and then select the appropriate multiple choice answer. Under the accrual method, expenses are recognized

QUESTION 2 Mark the following statements as True or False and

QUESTION 2 Mark the following statements as True or False and then select the appropriate multiple choice answer. Under the accrual method, expenses are recognized when revenue is earned. Every adjusting entry involves at least one income statement and one balance sheet account. Income summary is a temporary account that appears on the income statement. O A. True, True, True OB. True, False, True O C.False, False, False OD. False. True, False O E. False, True, True QUESTION 3 Clark Shop purchased supplies at a cost of $18,000 during 2019. At January 1, 2019, the beginning balance in the supplies account was $1,000. For 2019, supplies expense was $16,000. How much "Supplies" are on hand as of December 31, 2019? OA. $1,000 B. $3,000 OC. $16,000 OD. $17,000 O E. $19,000

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