Question 11 of 12 - / 1 E View Policies Current Attempt in Progress Sele, Inc. purchased supplies costing 7,000 on January 1, 2020 and recorded the transaction by increasing assets. At the end of the year 2,600 of the supplies are still on hand. If Sele, Inc. does not make the appropriate adjusting entry, what is the impact on its statement of financial position at December 31, 2020? Assets overstated by 4,400. Equity understated by 4,400. Assets overstated by 2,600. Equity overstated by 2,600