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Error in income statement and balance sheet
At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Because of the error, which items will be incorrectly stated on:
A) the income statement for January B) the balance sheet as of January 31 Also indicate whether the items in error will be overstated or understated. |
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