Exercise 4-9 (Static) Record transactions and adjustments LO 2, 6,7 ook 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 $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. 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 $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e. Accrued $1,400 of commissions payable to sales staff for the current month. f. Accrued $260 of Interest expense at the end of the month g. Received $4,200 on accounts receivable accrued at the end of the prior month. h. Purchased $1.200 of merchandise Inventory from a supplier on account 1. Pald $320 of interest expense for the month. J. Accrued $1.600 of wages at the end of the current month. k. Pald $1,000 of accounts payable int 1 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. Required A Required B 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. Required a Required B Indicate the financial statement effect. Balance Sheet Category Income Statement Transaction Adjustment Assets Liabilities Stockholders Equity Net Income Effect Supplies -2,800 Supplies Exp -2.800 d 4 Required B Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 5 6 7 11 > Record the $3,600 supplies used during the month whereas supplies Expense was debited $2.800 for supplies purchased Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry Varagara a