Over/Under: Beta failed to record the issue (sale) of common stock to new stockholders for $10,000 cash

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Over/Under: Beta failed to record the issue (sale) of common stock to new stockholders for $10,000 cash and a normal AJE for $12,000 of unearned sales revenue that had been earned. This has what effect on assets, liabilities, and net income?

Assets : Understated
Liabilities : Overstated
Net Income : Understated

Why are the answers the above?

Posted Date: May 18, 2024 08:06 PM

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Over/Under: Beta failed to record the issue (sale) of common stock to new stockholders for $10,000 cash

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