Weez Ltd began operations on 1 July 2020, with monthly accounting periods. When it purchased supplies during July, Weez Ltd debited Supplies Expense, yet at the end of July, a material amount of supplies remained on hand, and their dollar amount was estimated. You, the newly hired accountant, have been assigned to prepare the suggested adjusting journal entry. Required: Prepare a residual analysis justifying the necessary adjusting journal entry, including the accounts to be debited and credited. Format your answer by copying and pasting the following bold face into the answer box provided; however, please do not use bold face in your answer itself. Please do not exceed 200 words. Effect on assets and explanation: Effect on liabilities and explanation: Effect on equity and explanation: Account to debit and account to credit: Edit Insert Format Tools Table 12pt Paragraph BI U A O words