Reported a balance in supplies

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Reference no: EM13747108

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

owner’s equity will be overstated by $800.

expenses will be understated by $750.

assets will be understated by $250.

net income will be understated by $800.

Reference no: EM13747108

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