Can never be overstated
Weba.There will be no effect on the financial statements. b.Net income will be overstated by $7,500. c.Net income will be understated by $7,500. d.Accounts Receivable will be overstated by $7,500. C. Indicate which of the following accounts will never require an adjusting entry. a.Cash. Weba. Net income would be overstated on the income statement by $85,000. b. Expenses would be understated on the income statement by $85,000. c. Liabilities would be understated on the balance sheet for $85,000. d. All of these effects would occur.
Can never be overstated
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