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
Q147: The accountant of Zeus Legal Services failed
Q147: On December 31,2016,$2,500 of salaries have
Q149: On October 1,2016,Smith Service Company paid
Q150: The worksheet is NOT a journal,a ledger,or
Q151: The accountant for Sparks Electric,Inc.failed to make
Q153: The accountant of Skyscrapers Architectural Services failed
Q153: The accountant for Belden Jewelry Repair Services,Inc.forgot
Q154: On the first day of January,Harris,Inc.borrowed $2,000
Q155: Salaries are $6,500 per week for five
Q157: The accountant for Noble Jewelry Repair Services,Inc.forgot
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents