True/False Questions 1. The matching principle in accounting requires the matching of debits and credits. 2. Adjusting entries are required at the end of the accounting period because of mistakes in...

1. The matching principle in accounting requires the matching of debits and credits.

2. Adjusting entries are required at the end of the accounting period because of mistakes in the journal and ledger.

3. As part of the adjustment of supplies, an expense account is debited and Supplies is credited for the amount of supplies used during the accounting period.

4. Depreciable cost is the difference between the original cost of the asset and its accumulated depreciation.

5. The purpose of depreciation is to record the asset’s market value in the accounting records.