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When a company fails to adjust the unearned revenue account

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Reference no: EM132960859

Problem 1: What is the effect on the financial statements when a company fails to adjust the unearned revenue account for revenues earned at year-end?

Option 1: Net income is understated and assets are understated.

Option 2: Revenues are understated and liabilities are understated.

Option 3: Net income is understated and liabilities are overstated.

Option 4: Revenues are understated and stockholders' equity is overstated.

Reference no: EM132960859

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