The Firm is completing the accounting process for the year just ended, December $31,$ Year $1.$ The following data with respect to adjusting entries are available. Identify each of these transactions as a defered revenue, deferred expense, accrued revenue, or accrued expense $($type of adjustment$).$ Prepare the adjusting entries that should be reocrded for the Firm at end of the current year.

$($a$)$ Office supplies on hand at Junuary $1,$ Year $1,$ totaled $$1,250.$ Office supplies purchased and debited to Office Supplies during the year amounted to $$450.$ The year$-$end count showed $$350$ of supplies on hand.

$($b$)$ On the last day of the curent year, the company received a $$550$ utility bill for utilities used in December. The bill will be paid in January of next year.