Multiple Choice
The accountant for Eagle Financial Services, Inc. failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which of the following statements is true?
A) The total liabilities will be overstated.
B) The total liabilities will be understated.
C) The total assets will be overstated.
D) The total assets will be understated.
Correct Answer:
Verified
Correct Answer:
Verified
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