An attorney has earned half of a retainer fee that was received and recorded last...
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An attorney has earned half of a retainer fee that was received and recorded last month. No adjustment was recorded for the amount earned. What effect would this have on the balance sheet? Assets and liabilities would be overstated. Liabilities and stockholders' equity would be understated. Assets would be overstated, and liabilities would be understated. Liabilities would be overstated, and stockholders' equity would be understated. 
An attorney has earned half of a retainer fee that was received and recorded last month. No adjustment was recorded
for the amount earned. What effect would this have on the balance sheet?
Assets and liabilities would be overstated.
Liabilities and stockholders' equity would be understated.
Assets would be overstated, and liabilities would be understated.
Liabilities would be overstated, and stockholders' equity would be understated.
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