If the accrued revenues adjustment was not made, Select one: a. liabilities will be understated, equity...
If the accrued revenues adjustment was not made,
Select one:
a. liabilities will be understated, equity overstated, and revenues understated.
b. assets will be understated, equity understated and revenue understated.
c. assets will be overstated, equity overstated, and revenues understated.
d. liabilities will be overstated, equity understated and revenues understated.
Homework Answers
The following journal entry is made to record accrued revenues:
| General journal | Debit | Credit |
| Revenue receivable | ------- | |
| Revenue | --------- |
Hence, if accrued revenue are not recorded, it will have the following effect:
- Assets will be understated.
- Revenue will be understated.
- Equity will be understated.
- Liabilities will remain unaffected.
Correct option is b.
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