Question: During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $ 4 5 0 was earned

During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $450 was earned during the period, the second was for accrued interest payable of which $275 is owed for the period. As a result of these omissionsGroup of answer choicesnet income is overstated by $175.These omissions would not affect the financial statements; the financial statements will be correct.liabilities are overstated by $175.revenue is overstated by $725.expenses are overstated by $725.

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