The following lists selected accounts and their adjusted balances for Ramon Company on January 31, 2022. Insurance Expense $520 Prepaid Insurance 1,560 Salaries and Wages Expense 1,800 Salaries and Wages Payable -1,060 Service Revenue 4,000 Supplies 700 Supplies Expense 950 Unearned Service Revenue 750 Answer these questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is equal to the January 31 adjustment and $300 of supplies were purchased in January, what was the balance in Supplies on January 1? Supplies balance $