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12) The accountant of Peyton Financial Services failed to make an adjusting entry to record $7,000 depreciation expense. Which of the following statements is TRUE?

12) The accountant of Peyton Financial Services failed to make an adjusting entry to record $7,000 depreciation expense. Which of the following statements is TRUE? A) The total expenses will be understated. B) The total revenue will be overstated. The total revenue will be understated. D) The total expenses will be overstated, 13) 13) Which of the following is NOT a balance sheet account? A) Prepaid Rent BY Accumulated Depreciation - Building Owner, Withdrawals D) Uneamed Revenue

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