At the end of the fiscal year, the usual adjusting entry to Supplies to record...
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Accounting
At the end of the fiscal year, the usual adjusting entry to Supplies to record the supplies used were omitted. Which of the following statements is true? EXPLAIN why
a. Net Income will be understated
b. Net Income will be overstated
c. Supplies Expense will be overstated
d. Total assets will be understated
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