Assume that a firm reports net income of $135,000 prior to making adjusting entries for the following
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Assume that a firm reports net income of $135,000 prior to making adjusting entries for the following items: expired rent, $10,500; depreciation expense, $12,300; and supplies used, $5,400. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
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Expired rent 10500 of expired rent expense would be recognized As a result the net income would ...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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