Lily Advertising Company's trial balance at December 31 shows Supplies $8,850 and Supplies Expense $0. On December 31, there are $2,050 of supplies on hand.

Lily Advertising Company's trial balance at December 31 shows Supplies $8,850 and Supplies Expense $0. On December 31 , there are $2,050 of supplies on hand Prepare the adjusting entry at December 31. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.)