The Youngstown Company recorded the following adjustment in…

The Youngstown Company recorded the following adjustment in general journal format: Account TitleDebitCreditSupplies Expense500 Supplies 500 Which of the following choices accurately reflects how this event would affect the company’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.Increase=Increase+ Increase− =IncreaseIncrease Operating Activity (OA)B.Decrease= +Decrease −Increase=DecreaseDecrease Operating Activity (OA)C.Decrease= +DecreaseDecrease− =DecreaseIncrease Operating Activity (OA)D.Decrease= +Decrease −Increase=Decrease

Hawk Company purchased $800 of supplies on account. Which of…

Hawk Company purchased $800 of supplies on account. Which of the following shows how this purchase will affect Hawk’s balance sheet? Balance SheetAssets=Liabilities+Stockholders’ EquityCash+Supplies=Accounts Payable+Common Stock+Retained EarningsA. +800=800+ + B. +(800)= + +(800)C.(800)+800= + + D. + =800+ +(800)