Madissons Flower Shops Office Supplies balance on October 1 is $1,500 and the balance in Office Supplies

Question:

Madisson’s Flower Shop’s Office Supplies balance on October 1 is $1,500 and the balance in Office Supplies Expense is $0. On October 31, there is $500 of supplies on hand. Journalize and post the adjusting entry on October 31 for the supplies used. Compute the balances of the two accounts involved on October 31.