Which of the following statements is NOT true about adjusting entries? 10 points a. Adjusting entries are cated as of the last day of the period b. Adjusting entries are normally supported by an explanation O c. Adjusting entries must be both journalized and posted. Each adjusting entry will affect either the income statement or the balance sheet 10 points The accounting concept that supports reporting revenues in the period that they are earned is called the: O revenue recognition concept O accounting period concept O timing concept O adjusting concept The balance in Websavvy's supplies account on December 31 is $3,000. 10 points If the supplies used during the year were $750. what is the entry to adjust the supplies account at the end of the year? O a. Debit Supplies $2,250 credit Supplies Expense S2.250. O b. Debit Supplies Expense $750, credit Supplies $750 O c. Debit Supplies $250 credit Supplies Expense $250. O d. Debit Supplies Expense $750, credit Accounts Payable $750