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Lahey Advertising Company's trial balance at December 31 shows Supplies $8,800 and Supplies Expense $0.On December 31, there are $1,100 of supplies on hand. Your answer is correct. Prepare the adjusting entry at December 31 (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry ls required, select "No Entr Date Account Titles and Explanation Dec. 31 Supplies Expense Debit Credit 7700 Supplies 7700 eTextbook and Media List of Accounts Your answer is partially correct. Using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Post entrles in the order of journal entries presente Supplies Op. Bal 8800 | 2/31 Bal. 7700 Supplies Expense 12/31 Bal. 7700