1. During the month, the Supplies (asset) account was debited $4,900 for supplies purchased. The cost of supplies used during the month was $3,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month.
2. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited.
3. Wages of $3,350 were paid for the current month.
4. Interest revenue of $290 was received for the current month.
5. Accrued $600 of commissions payable to sales staff for the current month.
6. Accrued $170 of interest expense at the end of the month.
7. Received $2,150 on accounts receivable accrued at the end of the prior month.
8. Purchased $610 of merchandise inventory from a supplier on account.
9. Paid $160 of interest expense for the month.
10. Accrued $880 of wages at the end of the current month.
11. Paid $580 of accounts payable.

a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. Indicate the financial statement effect. a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the journal entry for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. Indicate the financial statement effect. a. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. Prepare the journal entry for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field