Record Homework for Chapter addition the effect, rany, of the transaction entry or adjusting entry onthe appropriate balance sheet category or on the inoome statement by enteringthe account name and amount and indicating whether itisan or subtraction Column headings refect the expanded balance sheet equation: items that affect should not be shown as afectng stockholders equ The first transaction is provided as an a. During the month, the Supples (asset) account was debited $3.600 supples purchased. The cost of supplies used during the month was s2 800 Record the adjustmentto property retect the amount of b. An insurance premium of $960 was for the coming year. Prepaid insurance was debted. Wages of $6400 were paid forte current d. Interest income was received for the current month. e. of sales staff the current month. Accrued $260 of interest expense at the end the month i. Paid$320 of interest expense for the month. Accrued S1,600 of wages at the end of the current month. k. Paid $1,000 of accounts payable. Supplies -2800 Supplies Exp 2800