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on february 1 , price company purchssed $ 2 , 5 5 0 of supplies on account and debited supplies expense, which is an alternate

on february 1, price company purchssed $2,550 of supplies on account and debited supplies expense, which is an alternate way of recordung the initial expenditure. at the end of the calendar year, $2070 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 b) net income c) balance sheet

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