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When company recorded the adjusting entry for equipment depreciation $1,000, it incorrectly recorded a credit of accounts receivable for $1,000 and debit cash for $1,000

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When company recorded the adjusting entry for equipment depreciation $1,000, it incorrectly recorded a credit of accounts receivable for $1,000 and debit cash for $1,000. Before correcting this error: Select one: a. Asset is understated and expense is overstated. b. Asset is overstated and expense is overstated. c. Asset is overstated and expense is understated. O d. Asset is understated and expense is understated. Next page