Multiple Choice
At March 1, I. Repo Inc. reported a balance in Supplies of $200. During March, the company purchased supplies for $950 and consumed supplies of $700. If no adjusting entry is made for supplies:
A) stockholders' equity will be overstated by $700.
B) expenses will be understated by $950.
C) assets will be understated by $450.
D) net income will be understated by $700.
Correct Answer:
Verified
Correct Answer:
Verified
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