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Home Q & A Board Other Fields Homework Help Business Accounting
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alockridge95 alockridge95
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5 years ago
True North Real Estate Management failed to adjust its Unearned Rent Revenue account for the $25,000 that had been earned during the current year. What effect does this omission have on the current year financial statements?
A) Assets are understated by $25,000.
B) Revenues are overstated by $25,000.
C) Expenses are understated by $25,000.
D) Liabilities are overstated by $25,000.
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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YASH1717YASH1717
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5 years ago
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alockridge95 Author
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#2
5 years ago
Makes more sense now, have a good weekend!
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