The Supplies Expense account was debited $1,240 by the Sanford Company for office supplies purchased during the first year of operations. At year-end, the office supplies on hand were counted and the cost of the on-hand items was $880. The appropriate adjusting entry would: Select one: a. Have no effect on net income b. Decrease expenses by $360 c. Decrease assets by $360 d. Increase expenses by $880 Oe. Increase assets by $880 Clear my choice