If Oxbow Corporation does not record a sale made on account in December until a month later when the customer pays its invoice, how will Oxbow's December financial statements be impacted? 

A. Assets will be understated on the balance sheet, while revenues will be overstated on the income statement.
B. Assets will be understated on the balance sheet, while revenues will be understated on the income statement. 
C. Assets will be overstated on the balance sheet, while revenues will be overstated on the income statement

D. Assets will be overstated on the balance sheet, while revenues will be understated on the income statement

Answer rating: 100% (QA)

The answer is b Assets will be understated on the balance sheet while revenues wi... View the full answer