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Problem 1: In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error:

Select one:

a. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated
b. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated
c. Liabilities are understated
d. 2018 profit is understated, the balance of equity is understated, and assets are understated

Reference no: EM132688358

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