Hi! Please help answer questions in red ( marked wrong ).

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Formula: Subtract; Cell Referencing Using Excel to Record Adjusting Entries PROBLEM Lahey Advertising Company's maintains a general ledger account for Supplies. A count on December 31 determined the company has supplies on hand. The following information is from the company's trial balance. Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem and work areas as indicated. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. $ 8,800 January 1, Supplies on hand Supplies expense December 31, Supplies on hand 1,100 Credit Adjusting entry Date 12/31 Supplies Expense Supplies Debit 7,700 9,900 T-accounts Supplies 8,800 12/31 1/1 9,900 12/31 Bal. 1,100 Supplies Expense 1,100 12/31 12/31 Bal. 9,900