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On January 2, Deere Co. purchased supplies. While preparing the financial statements for the year ended December 31, the company's accountant forgot to record the

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On January 2, Deere Co. purchased supplies. While preparing the financial statements for the year ended December 31, the company's accountant forgot to record the adjusting journal entry for supplies used during the year. What is the effect on the company's income statement? revenues understated; net income understated expenses overstated; net income understated expenses understated; net income understated expenses understated; net income overstated

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