A new accountant working for Pharoah Company records $990 Depreciation Expense on store equipment as follows: Dr. Cr. Depreciation Expense. Accumulated Depreciation Equipment 1019 1019 The effect of this entry is to: understate total assets on the balance sheet as of December 31. understate the book value of the depreciable assets as of December 31. e overstate the book value of the depreciable assets at December 31. adjust the accounts to their proper amounts on December 31