Answers in journal entry for event a is incorrect. Please correct.

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 $1,900 for supplies purchased. The cost of supplies used during the month was $1,150. 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 $420 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,450 were paid for the current month. d. Interest revenue of $240 was received for the current month. e. Accrued $690 of commissions payable to sales staff for the current month. f. Accrued $160 of interest expense at the end of the month. g. Received $2,350 on accounts receivable accrued at the end of the prior month. h. Purchased $660 of merchandise inventory from a supplier on account i. Paid $140 of interest expense for the month. j. Accrued $860 of wages at the end of the current month. k. Paid $550 of accounts payable. Required: a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Return to question the financial statement effect. Balance Sheet Category Liabilities Income Statement Assets Stockholders' Equity Net Income Effect Supplies Exp -1,150 Accounts payable +660 Supplies -1,150 Prepaid insurance +420 Cash-420 Cash -3,450 Cash +240 Wages expense 3.450 Interest revenue +240 Commissions payable +690 Interest payable +160 Commissions expense +690 % Interest expense 160 Cash +2,350 Accounts receivable -2,350 Merchandise inventory +660 OOOO Accounts payable +660 Cash - 140 Interest expense +140 Wages payable +860 Wages payable +850 Accounts payable +550 Cash -550 Record the $1,900 supplies used during the month whereas supplies Expense was debited $1,150 for supplies purchased. Note: Enter debits before credits. Event Debit Credit General Journal Supplies Cost of goods sold 1,900 1,150