Office Supplies Beesley Company purchases office supplies once a month and prepares monthly financial statements. These account Office Supplies amount to $1,100. Supplies on hand at May 31 amount to $920. and has a balance of $1,320 on May 1 Phas e s during May Required: 1. Identity and analyze the effect of the adjustment on May 31 Activity Accounts Statements) How does this entry affect the accounting sumbon? If a financial statementem not affected, select 'No Entry and leave the amount box blank. If the effect on a financial statement temi ve derse be sure to enter the answer with a minus Income Statement Balance Sheet Assets Liabilities 2. What will be the effect on net income for May this adjustment is not recorded Net income for the month of May would be