As Pandora CEO Joe Kennedy recently remarked, "The good news is that the Internet is global and that the copyright law is country by country."

Which of the following best describes the term "retained earnings"?

a. The amount of total profits earned by a business since it began operations. b. The amount of interest or claim that the owners have on the assets of the business. c. The future economic resources of a business entity. d. The cumulative profits earned by the business less any dividends distributed.

On December 31, the balance in the office supplies account is $1,385 . A physical count shows $435 worth of supplies on hand. Prepare the adjusting entry for supplies