A new accountant working for the Brambles store incorrectly records $950 Depreciation Expense on store equipment on December 31 as follows:

	Dr.		Depreciation Expense		950
	Cr.		Cash			950

The effect of this entry is to

understate total assets on the balance sheet as of December 31.

overstate the carrying amount of the long-lived assets at December 31.

adjust the accounts to their proper amounts on December 31.

understate the carrying amount of the long-lived assets as of December 31.