Adjustment for Supples concerning these supplies: All purchases of wupples during the year are debited to the supplies inventory Requiredi: 1. What is the corosnse reported on the inceme statement associated with the use of rupples? 2. What is the proper adjusting entry at Decenber 31 ? If an amount box does not require on entry, leave 4 blank. Adystment for Supples concerning these supplies: All purchases of supplues during the year are debitod to the supplies invemtery Required: 1. What is the expense reported on the sncorne statement associeted with the use of mpples? 2. What in the prober adjusting entry at Oecember 31 ? if an amouns box does not require an entry, lewe if blaks. 3. Ey haw much would asets and income be overstated or understated if the adjusting entry nere not recoidec? Assets Net incrone and atackholders' equity