5. Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $100 of supplies remained. Develop the adjusting entry. Name the accounts impacted and how using the format account name/debit or credit/dollar amount and explain how the Accounting Equation is impacted.

4. Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $50,000 of cash. Name the accounts impacted and how using the format account name/debit or credit/dollar amount and explain how the Accounting Equation is impacted.

3. The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Entity Assumption is (10 points) and (2) provide an example of its application. (10 points)

2. The financial statements present a company to the public in financial terms. Which financial statement identifies how much cash the company generated and spent during the year and identify the three major parts of this statement. b