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A firm receives a 2-year 2% bond receivable in September that was issued at PAR....

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Accounting

A firm receives a 2-year 2% bond receivable in September that was issued at PAR. What happens if the firm fails to undertake the relevant adjusting entry at the end of the year?

Net income is understated

Assets are overstated

Expenses are understated

Liabilities are overstated

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