On February 1, Hayes Company purchased $3,170 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) Income statement accounts (overstated, understated, or no effect)? (b) Net income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)? Income Statement Accounts Revenue: Expense: Net Income: Assets: Liabilities: Choose One Choose One Choose One Balance Sheet Accounts Choose One Choose One Retained Earnings: Choose One