On February 1, Wood Cocnpany purchased $2,550 of supplies on account and debited Supplies. At the end of the calendar year, $1,780 of supplies remained. If the appropriate adiusting entry is not made at the end of the year, what will be the effect on: (a) Income itatement accounts (overstated, understated, or no effect)? (b) Netincome (overstated, understated, or no effect)? (c) Bolance shert accounts (ovesstated, understated, or no effect)