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Alpha recorded the telephone bill when it was received in December, but won t pay it until next month when it is due. Alpha did

Alpha recorded the telephone bill when it was received in December, but won

t pay it until next month when it is due. Alpha did not record an AJE at the end of the year

(

December

31) .

Failure to record the correct AJE has what effect on assets, liabilities, and net income?

Answers:

Assets:

Liabilities:

Net Income:

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