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Business, 08.03.2021 07:10 jadepotts3965

On January 1, Sanders Company purchased $2,660 of supplies on account and debited Supplies. At the end of the calendar year, $2.530 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: (a) Income statement accounts (overstated, understated, or no effect)? (b) Net income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)?​

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