Question: Explain this question with a solution in great details please. 27) The accountant for Hobson Electrical RepairCorporation failed to make an adjusting entry to record$5,000

Explain this question with a solution in great details please.

Explain this question with a solution in great details please. 27) The

27) The accountant for Hobson Electrical RepairCorporation failed to make an adjusting entry to record$5,000 of unpaid salaries for the last two weeks of theyear. Which of the following is true? A) Total liabilities are overstated.B) Total liabilities are understated.C) Total assets are overstated. D) Total assets are understated.

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