Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance...

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Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. a. During the month, the Supplies (asset) account was debited $4,700 for supplies purchased. The cost of supplies used during the month was $3,700. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. An insurance premium of $480 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,400 were paid for the current month. d. Interest revenue of $210 was received for the current month. e. Accrued $610 of commissions payable to sales staff for the current month. f. Accrued $190 of interest expense at the end of the month. g. Received $2,575 on accounts receivable accrued at the end of the prior month. h. Purchased $610 of merchandise inventory from a supplier on account. i. Paid $130 of interest expense for the month. j. Accrued $870 of wages at the end of the current month. k. Paid $540 of accounts payable. Required: a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. eBook Hint Print Prev 1 of 2 Next > 1 2 3 4 5 6 7 8 11 Record the cost of supplies used during the month of $3,700. Note: Enter debits before credits. ferences Event General Journal Debit Credit a. C aw II Record entry Clear entry Q Search View general journal Prev 1 of 2 Next > PRE PIC COLLAGE Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. a. During the month, the Supplies (asset) account was debited $4,700 for supplies purchased. The cost of supplies used during the month was $3,700. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. An insurance premium of $480 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,400 were paid for the current month. d. Interest revenue of $210 was received for the current month. e. Accrued $610 of commissions payable to sales staff for the current month. f. Accrued $190 of interest expense at the end of the month. g. Received $2,575 on accounts receivable accrued at the end of the prior month. h. Purchased $610 of merchandise inventory from a supplier on account. i. Paid $130 of interest expense for the month. j. Accrued $870 of wages at the end of the current month. k. Paid $540 of accounts payable. Required: a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. eBook Hint Print Prev 1 of 2 Next > 1 2 3 4 5 6 7 8 11 Record the cost of supplies used during the month of $3,700. Note: Enter debits before credits. ferences Event General Journal Debit Credit a. C aw II Record entry Clear entry Q Search View general journal Prev 1 of 2 Next > PRE PIC COLLAGE