Question 3 Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70,000. Liabilities of $50,000 and Stockholders' equity of $20,000. Here are the adjustments made: a. Received a $727 utility bill for electricity usage in July to be paid in August b. Owed wagos to 3 employees who worked five days at $86 each per day at the end of July. The company will pay employees at the end of the first week of August. c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $1,500 for one full year of interest. No interest has been recorded yet. After the adjustments, liabilities on 7/31 will be $ 02 Question 4 At December 31, 2018, you obtained the following data relating to supplies Unadjustod balance in Supplies on December 31, 2018 $ 1.500 Unadjusted balance in Supplies Expense on December 31, 2018 7402 Supplies on hand, counted on December 31, 2018 435 What amount should be reported on the 2018 income statement as Supplies Expense