For each separate case below, follow the three-step process for adjusting the Supplies asset account at December 31. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. a. The Supplies account has a $420 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $170 of supplies remaining. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Supplies b. The Supplies account has an $1,100 debit balance to start the year. Supplies of $2,700 were purchased during the current year and debited to the Supplies account. A December 31 physical count shows $800 of supplies remaining.