QUESTION 47 Carlin Company correctly made an adjusting entry on December 31, 2004, debiting Supplies Expense and crediting Supplies for $700. If the adjusting entry were not made: O Total assets at 12/31/04 would be overstated O Total assets at 12/31/04 would be understated. Total liabilities at 12/31/04 would be overstated. Total liabilities at 12/31/04 would be understated. None of the above