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