Part III. Multiple Choice (14 points) Select the correct answer for each question. For any questions that require computations, you MUST show your work in order to receive partial credit for any questions missed. (14 points) 1. Upon review of records and supporting documents for Wilhelm Company, the following data related to supplies was obtained: as of the 1/1/20, supplies on hand were $10,200, throughout the year, Wilhelm Company acquired $7,600 of more supplies with cash and a count of these supplies on December 31, 2020 amounts to $3,080. The adjusting entry on 12/31/20 would be: a. b. C. d. debit Supplies on Hand $7,600 and credit Supplies Expense $ 7,600. debit Supplies Expense $14,720 and credit Supplies on Hand $ 14,720. debit Supplies on Hand $14,720 and credit Supplies Expense $14,720. debit Supplies Expense $3,080 and credit Supplies on Hand $3,080. 4 5 6 x I23+ O X10" Ans