Question: If the following adjusting entry is omitted, what effect will this have on the financial statements? a. There will be no effect on net income.

If the following adjusting entry is omitted, what effect will this have on the financial statements? a. There will be no effect on

If the following adjusting entry is omitted, what effect will this have on the financial statements? a. There will be no effect on net income. b. There will be no effect on liabilities. c. Revenues will be overstated by $6,400. d. Revenues will be understated by $6,400. the accrued expense will a. credit Wages Payable for $7,296. b. debit Wages Payable for $12,160. c. credit Wages Payable for $12,160. d. debit Wages Payable for $7,296

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