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The accountant of Zeus Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were

The accountant of Zeus Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were initially recorded as an asset. Which of the following statements istrue?

The total liabilities will be overstated.

The total assets will be overstated.

The total assets will be understated.

The equity will be understated.

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