10 points Brady Company debited Prepaid Supplies for $850 on 11 for office supplies it was planning to use over the next year. The Company prepares monthly financial statements, and Supplies of $550 remain at at 7/31. Failure to make an adjusting entry on 7/31 for the amount of supplies used would cause expenses to be understated by $550, assets to be overstated by $850. experses to be overstated by $300 assets to be overstated by $300. 8 1.66 points Sun East Boards is located in Avon by the Sea, New Jersey and rents surfboards and boogle boards by the day to beachers. SunEast has a staff of employees who work on the beach each day handling rentals and its normal payroll for the week is 59.600, Employees are paid each Monday for the previous week. I June 30 falls on a Wednesday, the necessary adjusting entry to record salaries expense on June 30 will include a debit to Wages Payable for $5,760 Wages Expense for $5.760. Wages Expense for $3,840. O Wages Payable for $3,840 OOOO