Acompany started the year with $300 of supplies. during the year the company purchased additional supplies costing $1,300. there were $1,100 of supplies on hand at the end of the year. an adjusted trial balance, prepared at the end of the accounting period, will show the following balance in supplies expense: a) $1,400. b) $800. c) $600. d) $0.e) none of above.

During the current year, luis university received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries. during the year the university spent $8,000 to support travel to a health care conference in italy. the $8,000 disbursement will cause a net decrease in which class of net assets?