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Multiple Choice Question If an adjusting entry for unearned revenue is not recorded, what is the effect on the financial statements? Neither the income statement

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Multiple Choice Question If an adjusting entry for unearned revenue is not recorded, what is the effect on the financial statements? Neither the income statement nor the balance sheet will be affected. the revenues on the income statement will be overstated. the liabilities on the balance sheet will be understated. the revenues on the income statement will be understated

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