A company started the year with $1,500 of supplies on hand. During the year the company purchased additional supplies of $800 and recorded them as increase to the supplies asset. At the end of the year the company determined that only $300 of supplies are still on hand. What is the adjusting journal entry to be made at the end of the period? Debit Supplies Expense and credit Supplies for $2,000 Debit Supplies and credit Supplies Expense for $300 Debit Supplies Expense and credit Supplies for $1,200 Debit Supplies and credit Supplies Expense for $1,000