Question: help me 3. What will be the effect on the financial statement if the company fails to record an adjusting entry for Accrued revenues? (1


3. What will be the effect on the financial statement if the company fails to record an adjusting entry for Accrued revenues? (1 Point) Assets will be overstated and Revenue will be understated. Assets will be understated and Revenues will be understated. Assets will be overstated and Revenue: will be overstated. Assets will be understated and Revenues will be overstated. 4. At the beginning of the year, ABC company had $4,000 of supplies. During the year, they purchased an additional $14,000 of supplies. At the end of the year, $1,500 of supplies were used. The adjusting entry regarding this transaction will include (1 Point) Dr supplies expense of $16,500 Cr supplies expense of $1,500 Dr supplies of $16,500 Cr Cash of $1,500 5. Giant company agreed to perform a 60- day consulting service to a customer for $4,000 starting from December 21. Assuming that December 31 is the end of the accounting period, record the adjusting entry assuming that the customer will pay after the completion of the service. (1 Point) Dr unearned revenues and cr service revenues; $667 both. Dr unearned revenues and cr service revenues; $733 both. Dr accounts receivable and Cr service revenues; $667 both. Dr accounts receivable and Cr service revenues; $733 both
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