Financial statements if correct adjusting entry is not made

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Reference no: EM13154149

A transportation company is paid in the month of May for delivering a truckload of goods, although it actually delivers it in June. What effect will there be on the financial statements if the correct adjusting entry is not made?

(A) Assets will be understated on the Balance Sheet

(B) Equity will be overstated on the Statement of Owner's Equity

(D)Revenue will be understated on the Income Statement

Reference no: EM13154149

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