Question
A company recorded the $19,000 adjusting entry for accrued interest revenues on monies it loaned by debiting liabilities and crediting assets $19,000. Total owners' equity
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A company recorded the $19,000 adjusting entry for accrued interest revenues on monies it loaned by debiting liabilities and crediting assets $19,000. Total owners' equity is
a.)$19,000 understated
b.)$19,000 overstated
c.)$38,000 overstated
d.)$38,000 understated
e.)Correctly stated
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Financial Accounting Text Only
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
5th Edition
0006575404, 978-0006575405
