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Would the liabilities be overstated and determine

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On February 1, 2019, Abt Associates borrowed $540,000 from Bank of America at an interest rate of 8% for a one year period. The initial loan amount (principal) and the interest will be paid at the end of the one year on January 31, 2020.

Question 1: If Abt Associates didn't record the adjusting entry at December 31, 2019, would the liabilities be overstated (too high) or understated (too low)?

Reference no: EM132462731

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