On January 1, Robert Auto Repair Shop Purchased Parts on Account

Multiple Choice

On January 1, Robert Auto Repair Shop purchased parts on account for $800. Robert paid the entire balance on January 31 and recorded the payment by debiting Supplies for $800 and crediting Cash for $800. On the January 31 financial statements

A) assets and expenses will be understated.
B) assets and liabilities will be overstated.
C) expenses and liabilities will be overstated.
D) assets and liabilities will be understated.