On April 1, a company takes on an 18- month job and receives a $10,000 advance that is recorded in Revenue. If no adjusting entry is made at year-end, how will the financial statements be affected? Assets 1. overstated affected 2. overstated overstated 3. understated affected 4. understated understated 4 3 Net income 01 02 Liabilities not understated not affected not overstated not affected
On April 1, a company takes on an 18- month job and receives a $10,000 advance that is recorded in Revenue. If no adjusting entry is made at year-end, how will the financial statements be affected? Assets 1. overstated affected 2. overstated overstated 3. understated affected 4. understated understated 4 3 Net income 01 02 Liabilities not understated not affected not overstated not affected
Chapter18: The Management Of Accounts Receivable And Inventories
Section: Chapter Questions
Problem 9P
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