At March 1, Concord Inc. reported a balance in Supplies of ( $ 170 ). During March, the company purchased supplies for ( $ 800 ) and consumed supplies of ( $ 720 ). If no adjusting entry is made for supplies assets will be understated by ( $ 90 ). net income will be understated by ( $ 720 ). expenses will be understated by ( $ 800 ). owner's equity will be overstated by ( $ 720 ).

At March 1, Concord Inc, reported a balance in Supplies of \$170. During March, the company purchased supplies for $800 and consumed supplies of $720. If no adjusting entry is made for supplies assets will be understated by $90. net income will be understated by $720. expenses will be understated by $800. owner's equity will be overstated by $720