On December 2, 2020, Parma's Controller was meeting with the Accounting Manager to discuss the November 30 month-end trial balance. During the meeting, the Controller handed a $1,500 invoice to the Accounting Manager for a utility bill just received for November usage, noting that the November trial balance should be adjusted for the invoice received. The invoice got lost on the Accounting Manager's desk and was never recorded. What is the impact on the November financial statements?

Answer rating: 100% (QA)

Since the 1500 utility bill was not recorded in the November accounting records it will n... View the full answer