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What total owners equity is

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Reference no: EM132833927

Problem 1: A company recorded the $19,000 adjusting entry for accrued interest revenues on monies it loaned by debiting liabilities and crediting assets $19,000. Total owners' equity is

A. $19,000 understated
B. $19,000 overstated
C. $38,000 overstated
D. $38,000 understated
E. Correctly stated

Problem 2: A company recorded the $25,000 adjusting entry for the earning of rent received in advance by debiting revenues and crediting assets $25,000. Net income is

A. $25,000 understated
B. $25,000 overstated
C. $50,000 overstated
D. $50,000 understated
E. correctly stated

Reference no: EM132833927

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