What is the impact on the financial statements

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Reference no: EM131814801

Question: A & D Window Cleaning performed $450 of services but has not yet billed customers for the month. If A & D fails to record the adjusting entry, what is the impact on the financial statements?

a. balance sheet: assets understated; equity overstated income statement: expense understated

b. balance sheet: liabilities overstated; equity understated income statement: revenues understated

c. balance sheet: assets overstated, equity understated income statement: expenses understated

d. balance sheet: assets understated, equity understated income statement: revenues understated

Reference no: EM131814801

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