If Avonette fails to make an adjusting entry for the accrued interest on December 31, 2018, a.
Question:
If Avonette fails to make an adjusting entry for the accrued interest on December 31, 2018,
a. Net income will be understated and liabilities will be overstated.
b. Net income will be understated and assets will be understated.
c. Net income will be overstated and assets will be overstated.
d. Net income will be overstated and liabilities will be understated.
On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette’s year-end is December 31.
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Related Book For 
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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