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Ur Guus Sold L 14. 1. A bookkeeper er A bookkeeper erroneously recorded the accrual of wages payable using this journal entry. Accounts Receivable xx Unearned Revenue L X X The effect of this error on Assets and Liabilities (respectively) will be: Overstated, Overstated Overstated, No Error C. No Error, No Error Understated, Overstated Understated, Understated 15. The Walton Company collected an accounts receivable and recorded this journal entry. xx Cash Unearned Revenue Determine the effect of the error on Net Income and Liabilities, respectively: No Error, Overstated Understated, No Error Understated, Understated Overstated, No Error No Error, No Error d. G:\Fac_support15_INTERMEDIATE ACCOUNTINGIACC_301_501 Practice_Exams Practice_Exam_11ACC_301_501_Practice_Exam_1.docx 9/12/2016 35. If the adjusting entry to record the earned portion of Rent Received in advance is not recorded: a. Current Liabilities will be Overstated b. Current Liabilities will be Understated c. Retained Earnings will be Overstated Net Income will be overstated