Identify the effect of not recording the adjusting entry.

Question

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Answer 1

Question

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

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Students have asked these similar questions

A company s normal selling price for its product is $25 per unit. However, due to market competition, the selling price has fallen to $20 per unit. This company's current inventory consists of 150 units purchased at $21 per unit. Replacement cost has fallen to $18 per unit. Calculate the value of this company's inventory at the lower of cost or market.[General Account]

I need correct answer this general accounting question

Provide correct answer for this account questions

Answer 2

Question

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

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Answer 3

Question

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

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Answer 4

Question

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

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Answer 5

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

Answer 6

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

Answer 7

Chapter 3, Problem 1MCQ

To determine

Identify the effect of not recording the adjusting entry.

Answer 8

Expert Solution & Answer

Answer to Problem 1MCQ

Option (b) Overstate net income by $350,000 is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (a): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (a) Understate net income by $350,000 is not the correct answer.

Option (b): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (b) over-state the net income by $350,000 is the correct answer.

Option (c): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (c) Overstate assets by $350,000 are not the correct answer.

Option (d): If the Company forgot to record the accrued and unpaid wages of $350,000 will over-state the net income. Hence, Option (d) Understate assets by $350,000 are not the correct answer.

Answer 12

Conclusion

As per the above explanation, Option (b) Overstate net income by $350,000 is the correct answer.

Answer 13

Ch. 3 - Prob. 1MCQ Ch. 3 - Prob. 2MCQ Ch. 3 - Prob. 3MCQ Ch. 3 - Prob. 4MCQ Ch. 3 - Prob. 5MCQ Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Prob. 2DQ Ch. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...

Identify the effect of not recording the adjusting entry.

Identify the effect of not recording the adjusting entry.

Answer to Problem 1MCQ

Explanation of Solution

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Chapter 3 Solutions