On November 1, Jasper Company loaned another company $100,000 at a 6.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is: Multiple Choice $0. $6,000. $5,000. O $16,667 O $1,000 O A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice Debit Supplies Expense $1,250 and credit Supplies $1,250. C Debit Prepaid Supplies $850 and credit Supplies Expense $850. Debit Supplies Expense $1,250 and credit Supplies $2,100. Debit Supplies $1,250 and credit Cash $1,250. O Debit Supplies Expense $850 and credit Supplies $850. Adjusting entries: Multiple Choice Affect only income statement accounts. Affect only balance sheet accounts. Affect both income statement and balance sheet accounts. Affect cash accounts. O Affect only equity accounts. O