+ NOWV2 Online teaching and learning r... Favorites ice Supplies Instructions Chart of Accounts Instructions Somerville Corp purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Required: 1. Prepare the necessary adjusting entry on Somerville's books on May 31. 2. What will be the effect on net income for May if this entry is not recorded