A physical count of supplies on hand at the end of May for Masters, Inc. Indicated $1,245 of supplies on hand. The general ledger balance before any adjustment is $2,050. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice Debit Prepaid Supplies $805 and credit Supplies Expense $805 Debit Supplies Expense $2,050 and credit Supplies $2,050. Debit Supplies Expense $1.245 and credit Supplies $1.245. Debit Supplles Expense $805 and credit Supplies $805. Debit Supplies $1,245 and credit Cash $1,245