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Question: i needed help with the blanks in b thanks...

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I needed help with the blanks in B! :) Thanks

The supplies account of ABC Corp. on December 31 shows a balance of $4,000. An actual count of the supplies shows the balance is $3,400. 4. What should be recorded to the accounting equation to adjust the balance in the supplies account to properly reflect the balance at December 31? a. Assets Liabilities AR 600 Equity 600 b. If the above transaction is not recorded at the end of the month, December assets will be expenses will be and net income will be (indicate understated or overstated for all three)

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