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Why liabilities are overstated and revenues are understated

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Reference no: EM132987299

If an adjusting entry is not made for a deferred revenue which was initially credited to an unearned revenue account, liabilities are overstated, revenues are understated, and assets are unaffected.

Problem 1: Why liabilities are overstated, revenues are understated, and assets are unaffected?

Reference no: EM132987299

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