e Corp fails to adjust the Prepaid Rent account for rent that has expired , what effect will this have on that month's financial statements atements ?...

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Aye Corp fails to adjust the Prepaid Rent account for rent that has expired , what effect will thishave on that month's financial statementsatements ?( 2 ) This will have no effect on the financial statements .( 6 ) Expenses will be overstated and profit and shareholders equity will be understated( ) Assets will be overstated and profit and shareholders equity will be understated() Assets wil be overstated and profit and shareholders equity will be overstated12 . Clarissa Credit , CGA , has billed her clients for services performed in October . In November , shereceives payments from her clients . What entry will she make upon receipt of the payments( 2 ) Debit Unearned Revenue and credit Service Revenue( b ) Debit Cash and credit Accounts Receivable( ) Debit Accounts Receivable and credit Service Revenue( d) Debit Cash and credit Service Revenue .hich of the following errors , each considered individually , would cause the trial balance to be outof balance ?( 2 ) A payment of $148 to a creditor was posted as a debit to accounts payable and a debtof $148 to cashb / Cash received from a customer on account was posted as a debit of $350 to cash andcredit of $350 to accounts payable() A payment of $59 for supplies was posted as a debit of 595 to supplies and a credit of595 to cash .( d ) A transaction was not postedRr al Machines Limited gathered the following reconciling information in preparing its June banonciliation :Cash balance per books , June 30$12 000Electronic collection of account6090Outstanding cheques9000Deposits in transit4, 500Bank service chargeNSF cheque1 200The adjusted cash balance per books at June 30 is( 2 ) 5 8 775( 61 512 00010 / $16 500 .( ) SIE , 725going concern assumption( 2 ) impacts the way we record items in the financial statements( b ) is an enhancing qualitative characteristic( * ) is an element of financial statements( 0 ) determines materiality