On January $1,$ Rutgers Magazines received $ $600$ for annual subscriptions to its magazine. They made the following $($incorrect$)$ journal entry: January $1$ Dr$.$ Cash $ $600$ Cr$.$ Revenue $ $600$ Which of the following is true concerning Rutgers Magazines financial statements on January $31$ because of this mistake? Choose all that apply Assets are overstated by $ $600$ Liabilities are overstated by $ $600$ Revenues are overstated by $ $550$ Expenses are not affected There is no mistakeQuestion $5$

On January $1,$ Rutgers Magazines received $$600$ for annual subscriptions to

its magazine. They made the following $($incorrect$)$ journal entry:

January $1$

Dr$.$ Cash

$$600$

Cr$.$ Revenue

Which of the following is true concerning Rutgers Magazines financial

statements on January $31$ because of this mistake? Choose all that apply

Assets are overstated by $$600$

Liabilities are overstated by $$600$

Revenues are overstated by $$550$

Expenses are not affected

There is no mistake