Julie's Flower Shop's Office Supplies balance on October 1 is $1,200, and the balance in Office Supplies

Question:

Julie's Flower Shop's Office Supplies balance on October 1 is $1,200, 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.