On September 1, 2022 Madrigal Electromotive Corp (a calendar year end corporation) purchased $1,500 worth of supplies. Prior to the purchase, the beginning balance in supplies was $0. On December 31, 2022 a physical inventory revealed the Madrigal Electromotive Corp had $800 of supplies on hand. What is the ending balance in supplies after the adjustment is made on December 31,2022? \begin{tabular}{l} $700 \\ \hline$0 \\ \hline$800 \\ \hline$1,500 \end{tabular}