Indicate the effect of the following errors on each of the financial statement elements described in the
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Total Retained IncomeAssets Liabilities Earnings Net Total Error Recorded a dividend as an expense in the income statement. Recorded unearned revenue as earned revenue in the income statement a. b. Failed to record accrued wages payable at the end of the accounting period Recorded a declared but unpaid dividend by debiting Dividends and crediting Cash Failed to disclose a pending lawsuit in the notes accompanying the financial statements c. d. e.
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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