GXC IncCommitted the Following Errors During 20x1,its First Year of Operations

question 52

Multiple Choice

GXC Inc.committed the following errors during 20x1,its first year of operations: Recorded $800 of interest expense as a debit to prepaid expense and a credit to cash.
GXC recorded $2,000 of unearned revenue as a debit to revenue receivable and a credit to revenues.
No adjusting entries were made related to these transaction entries.
The effect of these errors is as follows: 20x1:

• A) Choice 1
• B) Choice 2
• C) Choice 3
• D) Choice 4

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Definitions:

Study Participants

are individuals who take part in research experiments or trials, providing data for scientific analysis.

Understandable Language

Language that is accessible, clear, and easy for its intended audience to comprehend, often emphasizing simplicity and avoiding technical jargon.

Representative

Someone or something that serves as a typical example or an advocate for others.

Autism

A developmental disorder characterized by difficulties in social interaction and communication, and by restricted or repetitive patterns of thought and behavior.