Question 7 Which of the following is not a possible journal entry? Debit Expenses: Credit Liabilities. Debit Expenses: Credit Contra Assets. Credit Net Income: Debit Assets Debit Assets: Credit Revenues D Question 8 Following is information regarding Lyle. Inc's supplies account: Opening balance on June 1: $97.000 Purchased during June: $124.000 Amount of supplies remaining on June 30: $71,000 What adjusting entry will Lyle, Inc. make on June 30 regarding supplies? O DR: Supplies Expense 150.000 CR; Supplies 150,000 O DR Supplies Expense 71,000 CR-Cash 71,000 DR: Accounts Payable 124,000 CR: Supplies 124,000 DR: Supplies 150,000 CR Supplies Expense 150,000