At the beginning of the year, Golden Gopher Company reports a balance in Supplies of $410. During the year, Golden Gopher purchases an additional $2,400 of supplies for cash. By the end of the year, only $210 of supplies remains.

Required:

1. Determine the financial statement effects for the purchase of supplies during the year. 2. Determine the financial statement effects for the adjusting entry for supplies used by the end of the year.