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Use the drop-down lists in each cell, select what the impact will be if the necessary adjusting entry is NOT done at the end of
Use the drop-down lists in each cell, select what the impact will be if the necessary adjusting | |||
entry is NOT done at the end of the fiscal period. | |||
a) | At the end of the year, service revenue of $2,400 has been earned but not yet been collected. | ||
If the adjusting entry to record this is not done. | |||
...will Net Income be understated, overstated, or not be impacted? | |||
...will Total Assets be understated, overstated, or not be impacted? | |||
...will Total Liabilities be understated, overstated, or not be impacted? | |||
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