a. During the month, the Supplies (asset) account was debited $1,550 for supplies purchased. The cost of supplies used during the month was $1,250. 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 $460 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,300 were paid for the current month. d. Interest revenue of $240 was received for the current month. e. Accrued $670 of commissions payable to sales staff for the current month. f. Accrued $110 of interest expense at the end of the month. g. Received $2,050 on accounts receivable accrued at the end of the prior month. h. Purchased $640 of merchandise inventory from a supplier on account. i. Paid $130 of interest expense for the month. j. Accrued $820 of wages at the end of the current month. k. Paid $580 of accounts payable. Required: a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions.

a. During the month, the Supplies (asset) account was debited $1,550 for supplies purchased. The cost of supplies used during the month was $1,250. 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 $460 was paid for the coming year. Prepaid insurance was debited. c. Wages of $3,300 were paid for the current month. d. Interest revenue of $240 was received for the current month. e. Accrued $670 of commissions payable to sales staff for the current month f. Accrued $110 of interest expense at the end of the month. g. Received $2,050 on accounts receivable accrued at the end of the prior month h. Purchased $640 of merchandise inventory from a supplier on account. I. Paid $130 of interest expense for the month. J. Accrued $820 of wages at the end of the current month k. Paid $580 of accounts payable. Required: a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Indicate the financial statement effect. Journal entry worksheet 34567811 Record the $1,550 supplies used during the month whereas supplies Expense was debited $1,250 for supplies purchased. Note: Enter debits before credits