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This will be recorded as
Owner's Draw Dr $478 Office Supplies Cr $478
This will decrease the expense on Income statement and hence increase the net income.
The Equity account of the Owner will be reduced by $478 due to draw and the net income will increase by $478- so there will be no effect on the Balance Sheet.
Cash flow Statement will not be affected. However- Cash from Operating activities will increase by $478 and Cash from financing activities will reduce by $478.
Scenario 2: The company accepted a note from the chief executive officer and loaned him $50,000. But the note has no due date, and will only be repaid if the CEO is fired.
Entry will be
Note Receivable - CEO Dr $50.000
Bank Cr Dr 50,000
This will not affect income statement
Balance Sheet will be affected - Other asset will increase by $50K and Bank balance will reduce by $50K
Cash Flow statement - will report cash outflow flow from investing activities for $50K and hence will decrease the cash balance.
If the billing is delayed, it would mean that this purchase will not be recorded until next year. However inventory of $15,000 will be included as inventory if the physical method of inventory is used.
The income statement will make an adjustment to report this inventory as
Inventory Dr $15000
Cost of Goods Sold Cr $15000
This will reduce the cost of goods sold and hence increase the income on the income statement
Balance sheet will report an increase in inventory of $15,000
Cash flow statement will report a cash outflow for increase in inventory.