An inventory of supplies reveals that only $400 of supplies remain as of 1/31/23 and $1,000 of supplies were mistakenly recorded as Contractors (an expense). Youll need to create a new Supplies Asset account and journalize $1,000 of Contractors (expense) to the newly created Supplies Asset account. (Note: This a correc-tion of an error journal entry.) Then youll need to create a new Supplies Expense account (Account Type: Expenses, Detail Type: Supplies & Materials) and journalize $600 of Supplies Asset to the newly created Supplies Expense account. (Note: This requires an adjusting journal entry.)