At March 1, Psychocandy 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) stockholders' equity will be overstated by $800.
B) expenses will be understated by $750.
C) assets will be understated by $250.
D) net income will be understated by $800.
Correct Answer:
Verified
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