1520... If the adjusting entry for supplies used is not recorded at the end of a year, how will the following be affected at the end of the year? (Answer using one of the following: not affected, overstated, or understated.)

15. Assets at end of year .............................................................................................

16. Liabilities at end of year .........................................................................................

17. Stockholders equity at end of year .....................................................................

18. Revenues for year ..................................................................................................

19. Expenses for year ..................................................................................................

20. Net income for year ................................................................................................