The Accountant of Newton Legal Services Failed to Make an Adjusting

question 106

Multiple Choice

The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been used for the year.Assume the supplies were initially recorded as an asset.Which of the following statements is TRUE?

• A) The total liabilities will be overstated.
• B) The equity will be understated.
• C) The total assets will be overstated.
• D) The total assets will be understated.

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