Multiple Choice
Due to an oversight,a company did not make an adjusting entry for accrued and unpaid employee wages of $24,000 on December 31.This oversight would:
A) Understate net income by $24,000.
B) Overstate net income by $24,000.
C) Have no effect on net income.
D) Overstate assets by $24,000.
E) Understate assets by $24,000.
Correct Answer:
Verified
Correct Answer:
Verified
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