The Supplies account had a balance at the beginning of year 3 of $8,000 (before the reversing entry). Payments for purchases of supplies during year 3 amounted to $50,000 and were recorded as expense. A physical count at the end of year 3 revealed supplies costing $11,500 were on hand. Reversing entries are used by this company. The required adjusting entry at the end of year 3 will include a debit to ________.
1) Supplies Expense for $3,500
2) Supplies for $3,500
3) Supplies Expense for $46,500
4) Supplies for $11,500