For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31 Step 1: Determine what the current account balance equals. Step 2 Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1to step 2. Assume no other adjusting entries are made during the year. Step 1: Determine what the currant account balance equals. Step 2: Determine what the currant account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. Supplies: The Supplies account has an $1,200 debit balance to start the year. Supplies of $2,900 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $850 of supplies remaining. Supplies Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.Step 1: Determine what the current account balance equals. _ __ Step 2: Determine what the current account balance should equal. _ __ Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. _