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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 48
Effect of omitting adjusting entry
The adjusting entry for accrued fees was omitted at October 31, the end of the current year. Indicate which items will be in error, because of the omission, on (a) the income statement for the current year and (b) the balance sheet as of October 31. Also indicate whether the items in error will be overstated or understated.
The adjusting entry for accrued fees was omitted at October 31, the end of the current year. Indicate which items will be in error, because of the omission, on (a) the income statement for the current year and (b) the balance sheet as of October 31. Also indicate whether the items in error will be overstated or understated.
Explanation
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It is given that, the entry for accrued ...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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