At the beginning of January, the first month of the accounting year, the Supplies account (asset) had a debit balance of \(\$ 875\). During January, purchases of \(\$ 260\) worth of supplies were debited to the account. At the end of January, \(\$ 630\) of supplies were still available. How should this account be adjusted? If no adjustment is made, describe the impact on

(a) the income statement for January, and

(b) the balance sheet prepared at January 31.