Multiple Choice
Due to an oversight, the company bookkeeper made no adjusting entry for accrued and unpaid employee wages of $24,000 on December 31. This oversight would:
A) Have no effect on profit
B) Understate profit by $24,000.
C) Have no effect on the balance sheet.
D) Overstate profit by $24,000.
E) Overstate liabilities.
Correct Answer:
Verified
Correct Answer:
Verified
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