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Corgilover1234
14.04.2020 •
Business
The accountant for Watson Electrical Repair, Inc. failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following statements is true? Select one: A. The total expenses will be overstated. B. The total expenses will be understated. C. The total revenue will be understated. D. The total revenue will be overstated.
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Ответ:
B. The total expenses will be understated
Explanation:
The adjusting entry is as follows
Wages expense $5,000
To Wages payable $5,000
(Being the wages expense is adjusted)
The wages expense should be debited as it increased the expenses while at the same time the wages payable should be credited as it also increased the liabilities account
Since this above adjusting entry of unpaid salaries for $5,000 is failed to recorded due to which the total expenses will be understated instead of overstated
Hence, the correct option is B.
Ответ:
the law of unintended consequences, often cited but rarely defined, is that actions of people, and especially of governments, always have effects that are unanticipated or "unintended." the concept of unintended consequences is one of the building blocks of economics.