Exercises 1. The Supplies account had a balance of $700 at the beginning of the fiscal period. At the end of the fiscal period, an inventory shows supplies worth $ 100 on hand. a. What was the value of supplies used during the fiscal period? b. What is the supplies expense for the fiscal period? c. What should the balance in the Supplies account be at the end of the fiscal period? d. Prepare the adjusting entry to record the supplies used. e. What is the amount in Supplies Expense, which will appear on the income statement? f. What is the value of the asset Supplies, which will appear on the balance sheet? L following