Faberton, Inc. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,530 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Required: 1. Identify and analyze the effect of the adjustment on May 31. How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, li,e, a decrease, be sure to enter the answer with a minus sign. 2. What will be the effect on net income for May if this adjustment is not recorded? Net income for the month of May would be by 1 if this adfustment were not recognized because expenses would be k. If the effect on a financial