Julies Flower Shops Office Supplies balance is $1,200 on October 1, and the balance in Office Supplies

Question:

Julie’s Flower Shop’s Office Supplies balance is $1,200 on October 1, and the balance in Office Supplies Expense is $0. On October 31, $480 of supplies are 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.

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