jtsui1
Feb 8, 2012, 12:25 PM
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.
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.