At the beginning of its first year of operations, Bumper Corp purchased $4,000 of supplies, which were debited to the Supplies account They did not purchase any other supplies during the year. At the end of the year, it has $800 of supplies left. The appropriate adjusting journal entry is: 05 Multiple Choice Debit Supplies $3.200 and credit Supplies Expense $3,200 Debit Supplies Expense $3,200 and credit Supplies 53.200. O Debit Supplies Expense 5800 and credit Supplies 5800 Debt Supplies $800 and credit Supplies Expense $800 Litt, Inc. had income before income tax of $164,400 last quarter and a 30% tax rate. What is the company's net income? Multiple Choice $213720 $49,320 $115,080 $149,320) For the current year, the Sales Revenue account of Hamilton, Inc. has a credit balance of $532.440 at year-end. After the closing entries have been posted, the account will: 42 Multiple Choice still have a credit balance of $532,440. O be removed entirely from the general ledger O howe o zero balance have a debit balance of 532,440 1226 Bakersfield Corp. pays income tax at an average rate of 35 percent. This year its revenue is $120,000 and its expenses are $80,000. The adjusting entry to record the income tax expense will: Multiple Choice decrease stockholders' equity by $14,000 increase stockholders' equity by $14.000. decrease liabilities by $14.000 decrease net income by $40.000,