Could anyone explain this Accounting Problem?

Question

If a company fails to make the year-end adjusting entry to record supplies expense for the year, would the net income be understated, the total assets and liabilities be overstated, or will the total owner's equity be overstated?

Kimberly A. · Accepted Answer

Net income would be overstated assets would be overstatedequity is overstated

Could anyone explain this Accounting Problem?

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Could anyone explain this Accounting Problem?

1 Expert Answer

Still looking for help? Get the right answer, fast.

OR

RELATED TOPICS

RELATED QUESTIONS

Accounting question, journal entry error regarding prepaid insurance

Discuss the role of Financial Department within an organization based on its contribution to the strategic, tactical and operational planning of cocacola compay

Briefly discuss the role of Financial Accounting and Financial Reports of an organization with relevant to the Stake holders of coca cola company?

Beginning inventory at cost $9,000, ending inventory at cost $7,000, net sales $50,000, cost of goods sold $46,000. The inventory turnover at cost is

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