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 $620 debit balance to start the year. No supplies were purchased during the current year. A December 31 physical count shows $270 of supplies remaining Supplies 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 b. The Supplies account has an $1,600 debit balance to start the year, Supplies of S3,700 were purchased during the cur debited to the Supplies account. A December 31 physical count shows $1,050 of supplies remaining. Supplies Step 1 Determine what the current account balance equals Step 2 Determine what the current account balance should equal