XYZ Company has a December 31 year end. Prepare any required year end adjusting journal entry Date is required but explanations are NOT required. The office supplies (asset) account balance was $1,000 on January 1. During the year, supplies in the amount of $2,000 were purchased and the journal entry to record this purchase was debited to office supplies expense. When the supplies were counted on December 31, it was found that $1,800 of supplies were used during the year