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QUESTION
The accountant for Jones Auto Repair failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which
The accountant for Jones Auto Repair failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following is an effect of this omission?
(a) The net income will be overstated.
(b) The total assets will be understated.
(c) The net income will be understated.
(d) The total assets will be overstated.
