Exercise 4-11 (Algo) Record transactions and adjustments LO 4-2, 4-6,4-7 Record the effect, if any, of the transaction entry or adjusting entry on the approprlate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (t) or sbtraction (). Columin 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 $4,900 for supplies purchased. The cost of supplles 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. b. An insurance premium of $460 was pald for the coming year. Prepaid Insurance was debited. c. Wages of $3,125 were paid for the current month, d. Interest revenue of $280 was recelved for the current month. e. Accrued $620 of commissions payable to sales staff for the current month. f. Accrued $140 of interest expense at the end of the month. g. Recelved $2,025 on accounts recelvable accrued at the end of the prior mponth. h. Purchased $650 of merchandise inventory from a supplier on account. i. Paid $140 of interest expense for the month. j. Accrued $840 of wages at the end of the current month. k. Paid $530 of accounts payable. Required: 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. Journal entry worksheet Complete this question by entering your answers in the tabs below. Indicate the financial statement effect