Multiple Choice
On August 1, Rothesay Boat Club provided services on account for $800. Rothesay received the entire balance on August 31 and recorded the payment by debiting Cash for $800 and crediting Service Revenue for $800. On the August 31 financial statements
A) assets and revenues will be understated.
B) assets and liabilities will be overstated.
C) assets and revenue will be overstated.
D) assets and liabilities will be understated.
Correct Answer:
Verified
Correct Answer:
Verified
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