Multiple Choice
Identify the effect (a through h) that omitting each of the following items would have on the balance sheet.
-No adjustment was made for supplies used up during the month.
A) Assets and owner's equity overstated
B) Assets and owner's equity understated
C) Assets overstated and owner's equity understated
D) Assets understated and owner's equity overstated
E) Liabilities and owner's equity overstated
F) Liabilities and owner's equity understated
G) Liabilities overstated and owner's equity understated
H) Liabilities understated and owner's equity overstated
Correct Answer:

Verified
Correct Answer:
Verified
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