Multiple Choice
On December 1,2010,Commonwealth Industries received a $10,000 deposit from a customer for a special order of merchandise to be manufactured and shipped in February,2011.Commonwealth made the following journal entry on December 1,2010: 
The financial statements dated December 31,2010,would be:
A) correctly stated
B) in error,understating liabilities and overstating assets
C) in error,overstating net income and understating liabilities
D) in error,understating net income and understating stockholders' equity
Correct Answer:
Verified
Correct Answer:
Verified
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