0 Required information [The following information applies to the questions displayed below.) At the beginning of May, Golden Gopher Company reports a balance in Supplies of $460, on May 15 Golden Gopher purchases an additional $2,900 of supplies for cash. By the end of May, only $260 of supplies remain 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/aven, select "No Journal entry required" in the first account field.) View transaction ist View journal entry worksheet No Credit General Journal Date May 15 Debit 2.900 Supplies Cash 3.100 2 May 31 Supplies exponse Consider the following transactions for Huskies Insurance Company: a. Equipment costing $31,800 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,300 per year. b. On June 30, the company lends its chief financial officer $33,000; principal and interest at 5% are due in one year, c. On October 1, the company receives $9,200 from a customer for a one-year property insurance policy. Deferred Revenue is credited Required: Indicate by how much net income in the income statement is higher or lower If the adjustment is not recorded. Transaction a. b. $ $ Net Income 5,300 Higher 2,825 Higher 2,800 Lower 4,1401 $ $ Total