A company forgot to record four adjustments during 2013.Which one of the following omissions of adjustments will understate net income?
A) Sales made during the last week of the period are not recorded.
B) Interest on monies borrowed has not yet been recorded.
C) Prepaid insurance is not reduced for the portion of the policy that has expired during the period.
D) Income taxes owed but not yet paid are ignored.
Correct Answer:
Verified
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