Ramirez Company has employed a bookkeeper who is inexperienced. On December 28, after reviewing the records for the year, you discover the following error. On May 1, Ramirez Company purchased Supplies on account, $730. The bookkeeper recorded this by debiting Supplies Expense for $370 and crediting Cash for $370. Note: Assume that it is the company's policy to record the purchase of supplies in the Supplies account. Required: Prepare a correcting entry on December 28. Make sure to enter the day for each separate transaction.