Multiple Choice
The accountant for Hobson Electrical Repair,Inc.failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year.Which of the following statements is true?
A) The total revenue will be overstated.
B) The total revenue will be understated.
C) The total expenses will be overstated.
D) The total expenses will be understated.
Correct Answer:
Verified
Correct Answer:
Verified
Q28: On July 1,Omega,Inc.paid rent of $15,000 for
Q29: Avalon Event Planning Services,Inc.records deferred expenses and
Q32: On March 1,2016,LeBlanc,Inc.paid $60,000 for office rent
Q35: On October 1,2016,Smith Service Company paid
Q37: On September 1,Capitol Maintenance Company contracted to
Q43: What is the difference between cash basis
Q149: Which of the following is the correct
Q160: The worksheet is NOT a journal,a ledger,or
Q172: At the time the transaction occurred,which of
Q174: Get in Shape,a healthy living magazine,collected $528,000