Office Supplies

Faberton, Inc. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,360 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920.

How does this entry affect the accounting equation?

If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.