The accountant for Jones Auto Repair,Inc.failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year.Which of the following is an effect of this omission?
A) The net income will be overstated.
B) The total assets will be understated.
C) The net income will be understated.
D) The total assets will be overstated.
Correct Answer:
Verified
Q93: The sum of all the depreciation expense
Q120: The asset account,Office Supplies,had a beginning balance
Q121: On July 1,Alpha,Inc.prepaid rent for a small
Q122: On April 1,Balsa,Inc.purchased office supplies for $1,500.At
Q123: Viva,Inc.bought machine X for $18,000 two years
Q125: Deborah Consultants had the following accounts
Q126: Hank's Tax Planning Service started business in
Q127: The accountant of Omega Consulting,Inc.failed to make
Q128: Ariel Tax Planning Service has the following
Q129: Russin Tax Planning Service bought computer equipment
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents