Multiple Choice
At March 1, Progressive Auto Inc.reported a balance in Supplies of $200.During March, the company purchased supplies for $750 and consumed supplies of $800.If no adjusting entry is made for supplies
A) equity will be overstated by $800.
B) expenses will be understated by $750.
C) assets will be understated by $150.
D) net income will be understated by $800.
Correct Answer:
Verified
Correct Answer:
Verified
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