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 an impact of this omission?
A) The net income will be overstated.
B) The total assets will be understated.
C) The total liabilities will be overstated.
D) The total assets will be overstated.
Correct Answer:
Verified
Correct Answer:
Verified
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