assume that a firm reports net income of $85,000 prior to making adjusting
entries for the following items: expired rent, $6500; depreciation expense, 7700; and supplies used, $3100. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
Net income will be ( overstated or understated by how much
Questions & Answers
Have a Question?
Be the first to ask a question about this.