At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $8,700 and Supplies Expense of $0. On December 31, supplies costing $7,550 are on hand. 1. Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry and report the adjusted balance. Supplies Supplies Expense Beg. Bal. Beg. Bal End. Bal