Bridge Company keeps a small inventory of supplies used for cleaning and maintenance purposes. On January 1, 2019, the inventory of supplies on hand was $3,000. During the year, supplies purchased were debited to the supplies account in the amount of $7,500. On December 31, 2019, the amount of supplies in the storeroom was $2,750. The books are adjusted only at year-end. Prepare the adjusting entry required at December 31, 2019