If the adjusting entry to accrue interest on a note receivable is omitted, then a. assets, net

Question:

If the adjusting entry to accrue interest on a note receivable is omitted, then

a. assets, net income, and shareholders’ equity are understated.

b. assets are overstated, net income is understated, and shareholders’ equity is understated.

c. liabilities are understated, net income is overstated, and shareholders’ equity is overstated.

d. assets, net income, and shareholders’ equity are overstated.

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