During 2014, supplies purchased amounted to $5,000, which were added to the Supplies account. A physical count of inventory on hand at December 31, 2014 determined that the amount of supplies on hand was $1,200. How much is the 2014 supplies expense?a.$4,800.b.$1,000.c.$5,200.d.$6,000.e.$1,200.6.Which of the following correctly describes an adjusting journal entry that debits depreciation expense and credits accumulated depreciation?7.On January 1, 2014, Scooter Company paid the premium on a three-year insurance policy in the amount of $6,000. At that time, the full amount paid was recorded as prepaid insurance. After recording the adjusting entryfor the insurance policy on December 31, 2014, what would be the balance in Scooter Company's prepaid insurance account?8.Which of the following transactions and events results in a decrease in both total assets and net income?