Quirin Corp.purchases office supplies once a month and prepares monthly financial statements.The asset account Office Supplies on Hand has a balance of $1,850 on March 1.Purchases of supplies during March amount to $1,500.Supplies on hand at March 31 amount to $1,020.Prepare the necessary adjusting entry on Quirin's books on March 31.What will be the effect on net income for March if this entry is not recorded?

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The Answer of Quirin Corp.purchases office supplies once a month and prepares monthly financial statements.The asset account Office Supplies on Hand has a balance of $1,850 on March 1.Purchases of supplies during March amount to $1,500.Supplies on hand at March 31 amount to $1,020.Prepare the necessary adjusting entry on Quirin's books on March 31.What will be the effect on net income for March if this entry is not recorded?