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in this video were going to talk about what the effects would be of omitting an adjusting entry on the financial statements in a previous video I taught you these 10 year-end adjusting entries in this video I want to look at three of them and analyze what the effects would be on the financial statements if we were to neglect making these here we have the year end adjustment for supplies wherein were supposed to have debited supplies expense and credited supplies but we neglected to do it and so were going to consider what the effects will be on the income statement and the balance sheet you see the two formulas on the right the top formula is the income statement and the next one is the balance sheet we are missing a debit to supplies expense so Im going to create a t account for the category expense and were missing a credit to the supplies account which is an asset so Im going to make a t account for the asset category lets remember that expenses have a debit balance the norma
