adjustment on 31 December 2014, the close of the annual accounting period: office supplies expense in the income statement is $1050 and office supplies inventory in the balance sheet is $550. office supplies expense in the income statement is $1600 and office supplies inventory in the balance sheet is $0. office supplies expense in the income statement is $550 and office supplies inventory in the balance sheet is $1050. office supplies expense in the income statement is $0 and office supplies inventory in the balance sheet is $1600