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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
On December 31, 2016, interest of $1,500 has accrued on a bank note.  This interest payment is due on January 20, 2017.  If no adjusting entry is made on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.

   Understated, Overstated, No Effect
Assets   
Liabilities   
Equity   
Net Income
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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7 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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