The Accountant for Jones Auto Repair Failed to Make an Adjusting

question 11

Multiple Choice

The accountant for Jones Auto Repair 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.

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The ability of a society or group to regulate individuals' behavior in a way that promotes order and discourages deviance.

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A form of scholarship to attend a college or university awarded to an individual based primarily on their ability to play in a sport.

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