Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on december 31, 2020, accrued wages in the amount

On December 31, 2020, accrued wages in the amount of $6,500 were not recognized by...

80.2K

Verified Solution

Question

Accounting

On December 31, 2020, accrued wages in the amount of $6,500 were not recognized by the Company. What effect would this error have on the following account balances at 12/31/20?

a. Expenses-No Effect; Retained Earnings-Overstate; Liabilities-Overstate; Assets-No Effect

b. Expenses-Overstate; Retained Earnings-Understate; Liabilities-No Effect; Assets-Overstate

c. Expenses-Understate; Retained Earnings-Overstate; Liabilities-Understate; Assets-No Effect

d. Expenses-No Effect; Retained Earnings-Overstate; Liabilities-No Effect; Assets-Understate

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

1. You have 4 groups with an overall sample size of n = 20. The F...

Physics
1.2K views

45. Perform the necessary research to identify three examples of industrial applications that relate in some way...

General Management
1.2K views

Describe the process by which organizations develop their information systems. - Minimum 200 words

Geometry
1.2K views

points Write a general formula for all solutions to the equation 2 sin 50 3...

Basic Math
1.2K views

A license plate is to consist of 3 letters followed by 3 digits. Determine the...

Basic Math
1.2K views

Roger bought season tickets for weekend games to professional basketball games. The cost was $945.70....

Algebra
1.2K views

A line that passes through the points whose coordinates are 1 1 and 5 7...

Algebra
1.2K views

2 5b 44b 60 2

Accounting
1.2K views

Suppose P=8. Calculate the excess. Is it a shortage or surplus?...

Accounting
1.2K views

You have just been hired as a financial analyst for Lydex Company, a manufacturer of...

Accounting
1.2K views

Countries that rely on capital markets for finance, as opposed to banks and governments, are...

Accounting
1.2K views

Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value...