The accountant for sparks electric inc failed to make

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South-Western Federal Taxation 2020: Comprehensive
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Chapter 16 / Exercise 34
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
7) The accountant for Sparks Electric Inc. failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which of the following statements is true?A) The total liabilities will be overstated.B) The total liabilities will be understated.C) The total assets will be overstated.D) The total assets will be understated.Answer:
BDiff: 2LO: 3-5AACSB: ApplicationAICPA Functional: Measurement8) The accountant of Skyscrapers Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true?
CDiff: 2LO: 3-5AACSB: ApplicationAICPA Functional: Measurement9) The accountant of Zeus Legal Services failed to make an adjusting entry for supplies that had been used for the year. Assume the supplies were initially recorded as an asset. Which of the following statements is true?
CDiff: 2LO: 3-5AACSB: ApplicationAICPA Functional: Measurement10) The accountant of Delta Inc. failed to make an adjusting entry to record $6,000 of unearned service revenue that has now been earned. Assume the unearned revenue was initially recorded as a liability. Which of the following statements is true?
BDiff: 2LO: 3-5AACSB: ApplicationAICPA Functional: Measurement37
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Comprehensive
The document you are viewing contains questions related to this textbook.
Chapter 16 / Exercise 34
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
11) The accountant of Hobson Electrical Repair Inc. 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 statements is true?A) The total revenue will be overstated.B) The total revenue will be understated.C) The total expenses will be overstated.D) The total expenses will be understated.Answer:
DDiff: 2LO: 3-5AACSB: ApplicationAICPA Functional: Measurement12) The accountant of Barnes Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true?
DDiff: 2LO: 3-5AACSB: ApplicationAICPA Functional: Measurement38

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