3.2 Adjusting Entries for Deferrals Betty's Books purchased $3,500 of supplies on June 2. An inventory count on June 30 reveals that $1,200 are still on hand. If Betty's fails to make an adjusting entry for $2,300 of supplies used, what will be the result? Expenses will be overstated by $2,300 and net income will be overstated by $2,300. Expenses will be understated by $2,300 and net income will be overstated by $2,300. O Expenses will be understated by $2,300 and net income will be understated by $2,300. O Expenses will be overstated by $2,300 and net income will be understated by $2,300. Save for Later Submit Answer adf