Office Supplies Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,550 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Required: 1. Identify and analyze the effect of the adjustment on May 31. Activity Accounts Statement(s) 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, ie, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity 2. What will be the effect on net income for May if this adjustment is not recorded? Net income for the month of May would be by Revenues if this adjustment were not recognized because expenses would be Income Statem