Question
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
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, Net Income on the income statement will be
a.understated by $2,500.
b.overstated by $10,000.
c.understated by $10,000.
d.overstated by $2,500.
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
15th Edition
978-1337398169
