You are reviewing O'Brian Company's adjusted trial balance for the year ended $12/31/2024.$ You notice several omissions and incorrect items during your review, one of which is noted below.

Required:

Determine what effect, if any, this item would have on the stated components of O'Brian Company's $2024$ Income Statement and $12/31/2024$ Balance Sheet if it is not corrected or updated. Assume no income taxes. Supplies purchased during the year for $$1000$ cash were recorded by a debit to Supplies Expense and a credit to cash. Only $$200$ of supplies remain at the end of the year, but no further entries have been recorded