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In this video, the presenter discusses the effects of omitting an adjusting entry on financial statements, focusing on three specific year-end adjustments. The example highlighted is the adjustment for supplies, which involves debiting supplies expense and crediting supplies. The presenter examines the consequences of neglecting this adjustment on both the income statement and balance sheet. The income statement's formula reflects the missing debit to supplies expense, while the balance sheet's formula shows the absence of a credit to the supplies asset account. The importance of maintaining proper debits and credits in the expense and asset categories is emphasized, noting that expenses typically have a debit balance.
