23. The accountant failed to make the adjusting entry to record the amount of interest owed on a note to the bank at the end of the year. This error would cause an overstatement of a. assets b. expenses C. liabilities d. owner's equity 24.The accountant failed to make the adjusting entry to record the depreciation for the year. This error would cause a. an overstatement of assets b. an overstatement of expenses an understatement of liabilities с. d. an understatement of owners' equity 25. Which of the following accounts would not be closed to Income Summary during the year-end closing process? a. Loss on Sale of Land b. Prepaid Rent c. Freight-In d. Sales Discounts
23. The accountant failed to make the adjusting entry to record the amount of interest owed on a note to the bank at the end of the year. This error would cause an overstatement of a. assets b. expenses C. liabilities d. owner's equity 24.The accountant failed to make the adjusting entry to record the depreciation for the year. This error would cause a. an overstatement of assets b. an overstatement of expenses an understatement of liabilities с. d. an understatement of owners' equity 25. Which of the following accounts would not be closed to Income Summary during the year-end closing process? a. Loss on Sale of Land b. Prepaid Rent c. Freight-In d. Sales Discounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answered: 38. Which of the f...
The accountant failed to m
b. have been collected, but not yet earned or recorded
have been earned and recorded, but not yet collected
d. have been earned, but not yet collected or recorded
С.
23. The accountant failed to make the adjusting entry to record the amount of interest owed on a note
to the bank at the end of the year. This error would cause an overstatement of
a. assets
b. expenses
liabilities
С.
d. owner's equity
24. The accountant failed to make the adjusting entry to record the depreciation for the year. This error
would cause
an overstatement of assets
an overstatement of expenses
a.
b.
an understatement of liabilities
C.
d.
an understatement of owners' equity
25. Which of the following accounts would not be closed to Income Summary during the year-end
closing process?
a. Loss on Sale of Land
b. Prepaid Rent
C. Freight-In
С.
d. Sales Discounts
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