49. Ridg of the year, Ridge Corporation fails tO make an adjusting joual entry to record supplies used. e Corporation initially records all purchases of office supplies in an asset account. At the end The financial statement effect will be an: A Understatement of equity B) Understatement of assets C) Overstatement of net income D) Overstatement of liabilities Supplies expense (EXP+,OE-,NI-) supplies (A-) Why is also not D, liabilities should be no effect. Overstatement of liabilities also is wrong