Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You should indicate which of the items shown would be overstated or understated. No adjustment was made for supplies used during the month. 1 A B I Revenue Expenses = Net Income Assets = Liabilities +Owner's Equity Understated/Overstated

Indicate the impact on the income statement and balance sheet if the following adjusting entries were omitted. You should indicate which of the items shown would be overstated or understated. No adjustment was made for supplies used during the month