8.If an entry to adjust unearned rent and rent revenue is not recorded at the end of the period, Rent Revenue and Net Income on the income statement will be

a.unaffected because the omitted entry affects two accounts that cancel each other out.

b.overstated.

c.unaffected because these items are not on the income statement.

d.understated.

10.The book value of an asset is

a.cost of asset - depreciation expense.

b.cost of asset + accumulated depreciation.

c.cost of asset - accumulated depreciation.

d.cost of asset + depreciation expense.

11.If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry for depreciation on the equipment for $2,500 is omitted at the end of the period, Accumulated Depreciation on the income statement will

a.not be impacted because Accumulated Depreciation is reported on the balance sheet.

b.be overstated by $2,500.

c.be overstated by $10,000.

d.be understated by $2,500.