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 $800.If no adjustment is made for supplies:
A) stockholders' equity will be overstated by $800.
B) expenses will be understated by $950.
C) assets will be understated by $350.
D) net income will be understated by $800.
Correct Answer:
Verified
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