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State if it was Overstated or Understated and by how much For the year ending December 31 , Beard Clinical Supplies Co. mistakenly omitted adjusting
State if it was Overstated or Understated and by how much
For the year ending December 31 , Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $8,380 of unearned revenue that was earned, (2) earned revenue that was not billed of $11,360, and (3) accrued wages of $7,140. Indicate the combined effect of the errors on (a) revenues, (b) expenses, and (c) net income. a. Revenues were by $ b. Expenses were by $ c. Net income was by $Step by Step Solution
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