Multiple Choice
The accountant for Duman Legal Services failed to make an adjusting entry for supplies inventory that had been used for the year. Which of the following is true?
A) Total revenue is overstated.
B) Total revenue is understated.
C) Total expenses are overstated.
D) Total expenses are understated.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: adjusting entry required to accrue revenue consists
Q5: Under which of the following methods of
Q6: debit to a(n) _ account is required
Q7: accrual of revenue records the cash receipt
Q8: Which of the following entries would
Q10: credit to a(n) _ account is required
Q11: adjusting entry required for a prepaid expense
Q12: The purposes of the adjusting process are:<br>A)
Q13: a prepaid adjustment, the cash payment occurs
Q14: ABC Company signed a one-year $12,000 note