Essay
You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/18. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2018 Income Statement and 12/31/18 Balance Sheet if they are not corrected or updated. Assume no income taxes.
Use the following code for your answers. You need not include any dollar amounts.
N = No Effect
O = Overstated
U = Understated
-
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Match each of the following items with
Q65: What is the purpose of the statement
Q66: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2599/.jpg" alt=" -Assuming no income
Q67: An example of a contra account is:<br>A)
Q68: <span class="ql-formula" data-value="\begin{array} { | l |
Q69: The adjusted trial balance contains only permanent
Q71: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2599/.jpg" alt=" -Assuming no income
Q73: Temporary accounts would not include:<br>A) Salaries payable.<br>B)
Q74: The adjusting entry required when amounts previously
Q75: Which of the following is not an