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1.On may 1, year 2, cole company paid $12,000 cash for supplies. the year 2 adjusting entry to recognize the amount of supplies used during year 2?

A.Decreases the amount of supplies expense recognized in year two

B.Decreases the amount of liabilitys shown on the year 2 balance sheet

C.Increases the amount of liabilitys shown on the year 2 balance sheet

D. Increases the amount of supplies expense recognized and your to

3.What is the purpose of the accrual basis of accounting?

A.Recognizes expenses when cash disbursements are made

B.Recognizing revenue when it is earned and expenses when they are incurred, regardless of when cash changes hands

C. Match assess with liabilities during the proper accounting period

D. Recognize revenue when is collected from customers

6.how does the adjusting entry to recognize the portion of the unearned revenue that a Company earned during the accounting period affect the elements of the financial statements?

A.A decrease in liabilities and an increase in equity

B.A decrease in assets in a decrease in liabilities

C.And increase in assets and a decrease in liabilities

D. And increase and liability is in a decrease in equity

9.what is the purpose of the accrual basis of accounting?

A.Recognize revenue when it is collected from the customers

B.reckonize expenses when cash disbursements are made

C.Match assets with liabilities during the proper accounting period.

D.Recognizing revenue when it is earned and expenses when they are incurred regardless of when cash changes hands

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