A h o mepage Male + C //www.eks.com VMS. VISCUCHOW.MOHM ACCOUNTING CYCLE Effects of adjusting entries on financial statement Problem type 1 On March 1, Smith Company purchased $2,920 of supplies on account and debited Supplies. At the end of the calendar year, $2,200 of supplies remained. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on (a) statement accounts (overstated, understated or no effect)? (b) income overstated, understated, or no effect) (c) Balance she accounts (overstated, understated, or no effect)? Choose One Choose One Choose One Balance Sheets Check E o Type here to search