A company records the fees for legal services paid in advance by its clients in an account called Unearned Legal Fees. If the company fails to make the end-of-period adjusting entry to move the portion of these fees that has been earned to a revenue account, one effect will be:
A) An overstatement of equity.
B) An understatement of equity.
C) An understatement of assets.
D) An understatement of liabilities.
E) An overstatement of assets.
B) An understatement of equity.
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What were the total sales of the Deluxe model? Sales of Toaster Ovens 2011 2012 2013 2014 2015 Super Deluxe$131,700 $128,300 $134,200 $119,400 $45,800 Deluxe56,100 123,500 83,100 115,500 51,400 Standard104,400 49,400 61,700 53,500 88,200
A. $557,400 B. $429,600 C. $357,200 D. $470,300
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Indicate whether the statement is true or false
On a statement of cash flows prepared using the direct method, cash received from selling merchandise is considered a ________.
A) cash inflow from investing activities B) cash inflow from operating activities C) cash outflow from financing activities D) cash outflow from investing activities
A(n) ____________________ is the process used by an accountant to ensure consistency between the balance shown on the bank statement for a particular account and the balance shown on the accounting records
Fill in the blank(s) with correct word