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The accountant of Omega Consulting, Inc. failed to make an adjusting entry to record $6,000 for ...

H3Ko

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The accountant of Omega Consulting, Inc. failed to make an adjusting entry to record $6,000 for ...

The accountant of Omega Consulting, Inc. failed to make an adjusting entry to record $6,000 for unearned service revenues that were earned before the end of the fiscal year. Assume the company initially recorded a liability. Which of the following statements is true?
A) The total liabilities will be understated.
B) The total liabilities will be overstated.
C) The total assets will be understated.
D) The total assets will be overstated.

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 643 times

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H3Ko Author

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7 years ago

YES! Can't believe I got this one right. Appreciate the confirmation

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Mrgo-breed

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7 years ago

Happy to help Smiling Face with Open Mouth

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