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Services provided to customers on the last day of the month were not billed. Assets and stockholders' equity understated No adjustment was made for supplies
Services provided to customers on the last day of the month were not billed. Assets and stockholders' equity understated No adjustment was made for supplies used up during the month. Liabilities understated and stockholders' equity overstated An attorney has earned 1/2 of a retainer fee that was received and recorded last month. No adjustment was recorded for the amount earned. Assets and stockholders' equity overstated Interest earned on a note receivable was not recorded. Assets overstated and stockholders' equity understated Property taxes are paid annually. The estimated monthly amount for the taxes was not recorded. Assets understated and stockholders' equity overstated Wages are paid every Friday for the 5-day work week. The month ended on Monday and no adjustment was recorded. Liabilities and stockholders' equity overstated A tenant paid 6 months' rent in advance when he moved in on the first day of the month. No entry was made on the last day of the month
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