Wildhorse Supply records all prepayments in expense accounts and had a balance on January 1,2024 , of $3,000 in the Supplies account. During the year, additional supplies were purchased for cash at a cost of $8,700 and recorded to the Supplies Expense account. A physical count of supplies on hand total \$3,680 at December 31, 2024. No adjusting entries have been made until year end. Supplies \begin{tabular}{rr|l|} \hline Jan. 1 Bal. & 3,000 & \\ \hline \end{tabular}