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On December 31 , the balance in the office supplies account is $1,300. A physical count shows $510 worth of supplies on hand. Required: Prepare the adjusting entry for supplies. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger \begin{tabular}{lc} \multicolumn{1}{l}{ ASSETS } & REVENUE \\ 11 Cash & 41 Fees Earned \\ 12 Accounts Receivable & EXPENSES \\ 13 Office Supplies & 51 Advertising Expense \\ 14 Prepaid Insurance & 52 Insurance Expense \\ 16 Office Building & 53 Interest Expense \\ 17 Accumulated Depreciation & 54 Wages Expense \end{tabular} \begin{tabular}{ll} \multicolumn{1}{c}{ LIABILITIES } & 55 Office Supplies Expense \\ 21 Accounts Payable & 56 Utilities Expense \\ 22 Notes Payable & 57 Depreciation Expense \\ 23 Unearned Fees & 58 Professional Services Expense \\ 24 Wages Payable & 59 Miscellaneous Expense \\ 25 Interest Payable & \end{tabular} EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Prepare the adjusting entry for supplies on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY