Multiple Choice
The accountant for Jones Auto Repair Company failed to make an adjusting entry to record $5 000 of unpaid salaries for the last 2 weeks of the year. Which of the following is TRUE?
A) Total assets are overstated.
B) Total liabilities are overstated.
C) Profit is overstated.
D) Total assets are understated.
Correct Answer:
Verified
Correct Answer:
Verified
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