Reference no: EM132833929
Problem 1: A company recorded the $31,000 adjusting entry for the expiration of prepaid rent by debiting revenues and crediting liabilities $31,000. Total owners' equity is
A. $31,000 understated
B. $31,000 overstated
C. $62,000 overstated
D. $62,000 understated
E. correctly stated
Problem 2: A company recorded the $37,000 adjusting entry for the accrual of salaries payable by debiting assets and crediting revenues $37,000. Net income is
A. $37,000 understated
B.$37,000 overstated
C. $74,000 overstated
D. $74,000 understated
E. correctly stated
Problem 3: A company recorded the $43,000 adjusting entry for depreciation expense by debiting revenues and crediting expenses $43,000. Total owners' equity is
A. $43,000 understated
B. $43,000 overstated
C. $86,000 overstated
D. $86,000 understated
E. correctly stated
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