A company recorded the $27,000 adjusting entry for accrued interest receivable on monies is loaned...
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Accounting
A company recorded the $27,000 adjusting entry for accrued interest receivable on monies is loaned by debiting revenues and crediting liabilities for $27,000. Net income is
A. $27,000 understatetd
B. $27,000 overstated
C. $54,000 overstated
D. $54,000 understated
E. correct
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