The beginning balance in the supplies account was $580. Supplies totaling $4,524 were purchased during the year. At the end of the period, an inventory counted $290 of supplies on hand. The business rented a storage unit on July 1 and prepaid the $2,436 annual rental fee. On April 1, the company borrowed $12,000 on a 7%, 9-month note which is due January 1, 2023. - Account Titles and Explanation Debit Credit