The Accountant for Wilson Consulting Company Failed to Make an Adjusting

question 111

Multiple Choice

The accountant for Wilson Consulting Company failed to make an adjusting entry to record $3,000 of unearned service revenue that has now been earned.Which of the following is TRUE?

• A) Total liabilities are overstated.
• B) Total liabilities are understated.
• C) Total assets are overstated.
• D) Total assets are understated.

---

Definitions:

Resonance Forms

Resonance forms are different Lewis Structures for a molecule or ion that depict different possible arrangements of electrons, illustrating the delocalization of electrons within molecules.

Charged Species

Ions or molecules that have an electric charge, either positive (cation) or negative (anion).

Stabilization

The process of making a compound, mixture, or structure more stable or resistant to change, often through chemical reactions or physical processes.

Most Acidic

Describes the substance with the highest acidity in a given context, typically having the lowest pH or greatest ability to donate a proton (H+ ion).