Exercise 1 (85 points) Electro Company's trial balance at December 31, 2019 shows Supplies $7,500 and Supplies expense $0.On December 31, there are $4,000 of supplies on hand. Prepare the adjusting entry at December 31 and using the T-accounts, enter the balances in the accounts, post adjusting entry, and indicate the adjusted balance in each account. a) Preparing adjusting entries at December 31 b) Post adjusting entries in T-accounts