Multiple Choice
The accountant for Sparks Electric failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year.Which of the following statements is true?
A) The total liabilities will be overstated.
B) The total liabilities will be understated.
C) The total assets will be overstated.
D) The total assets will be understated.
Correct Answer:
Verified
Correct Answer:
Verified
Q56: The allocation of a plant asset's cost
Q119: The accountant of Barnes Architectural Services failed
Q121: If a company is using accrual basis
Q122: Luminous Electrical performed services of $8,000 on
Q124: The accountant for Hobson Electrical Repair failed
Q126: Which of the following entries would be
Q127: Stancil Enterprises prepaid four months of office
Q161: Which of the following accounts would be
Q174: In the case of deferred revenue,the adjusting
Q195: An adjusting entry that debits Accounts Receivable