14. Which of the following accounts has a DEBIT balance? [ ] A. Accumulated depreciation. [ ]B. Discount received. [ ] C. Accumulated amortisation. [ ] D. Discount allowed. 15. An entity records prepaid expenses initially as an asset but fails to make an adjusting entry at the end of the fiscal year, what effect will this have on the financial statements? [ ] A. Assets will be overstated and expenses will be understated. [ ] B. Assets will be understated and expenses will be overstated. [ ] C. Assets will be overstated and expenses will be overstated. [ ] D. Assets will be understated and revenues will be understated