1. During May, Lewis Inc purchased office supplies for cash. The supplies will be used in June. What effect does this transaction have on the accounting equation?

2. Charles Consultants started business on Jan 1,2008 and immediately purchased $1,000 of supplies to use in the business. At the end of the month 25 of the supplies remains unpaid and 20% are still onhand. What amounts should appear on the financial statements for January 2008.

Income Statement Statement of Cash Flows
a. $1,000 $1,000
b. $1,000 $750
c. $800 $250
d. $800 $750

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