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ABC began the month with a debit balance of $1200 in the Supplies account. During the month they purchased an additional $500 of supplies. At the end of the month, $300 of supplies remained. Which answer is correct regarding the adjusting journal entry at the end of the month? Debit supplies $1400 and credit supplies expense $1 ivo Debit supplies $500 and credit supplies expense $500 Debit supplies expease $1500 and crecie Supplies $1500 Dobit supblies expense $1400 and credit Supplies $1. 00 MBC pays its employee for salaries of $2.000 in cash. The journal entry would include A credit to salaries expense of $2.000 A debit to cash of $2.000 A debit to salaries expense of $2.000 A credit to salaries cevenue of $2.000 MBC receives payment in full for services previously provided on account of $2,000. The journal entry would include Credit to service revenue fur $2,000 A credit to 3ecounts reccivable of $2.000 A credit to cash for $2.000 A cretlit to ateounts recelvable of $2.000 MBC purchases an insurance policy on January 1.2023 which provides coverage for 12 months. The cost is $2,400 and MBC pays cash. The journal entry would include A credit of $2.000 to prepaid insurance A debit to cash of $2.400 A dobit to prepaid insurance of 52400 A debit to insuranco expensc of $2400

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