Question: A business failed to make an adjusting entry at the end of the accounting period to accrue a revenue item that it had, in fact,

A business failed to make an adjusting entry at the end of the accounting period to accrue a revenue item that it had, in fact, earned. How did this failure affect the balance sheet at the end of this period? Total assets are overstated Total assets are understated Total liabilities are understated Total liabilities are overstated Failure to account for this condition would not affect the balance sheet

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