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On January 1 , Rutgers Magazines received $ 6 0 0 for annual subscriptions to its magazine. They made the following ( incorrect ) journal
On January Rutgers Magazines received $ for annual subscriptions to its magazine. They made the following incorrect journal entry: January Dr Cash $ Cr Revenue $ Which of the following is true concerning Rutgers Magazines financial statements on January because of this mistake? Choose all that apply Assets are overstated by $ Liabilities are overstated by $ Revenues are overstated by $ Expenses are not affected There is no mistakeQuestion
On January Rutgers Magazines received $ for annual subscriptions to
its magazine. They made the following incorrect journal entry:
January
Dr Cash
$
Cr Revenue
Which of the following is true concerning Rutgers Magazines financial
statements on January because of this mistake? Choose all that apply
Assets are overstated by $
Liabilities are overstated by $
Revenues are overstated by $
Expenses are not affected
There is no mistake
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