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Prior to the adjusting process, the Supplies account had a $1,000 balance. It was determined that only $300 of supplies remain at the end of the accounting period. What would be the adjusting entry? Debit Supplies Expense and Credit Supplies for $700 Debit Supplies and Credit Supples Expense for $700 Debit Supplies Expense and Credit Supplies for $300 Debit Supplies and Credit Supplies Expense for $300