(O), or no effect (N)-on the income of the present and future periods if the fol

Question

(O), or no effect (N)-on the income of the present and future periods if the following errors were What will be the effect-understated (U) made? In all cases, assume that amounts carried over into 20X1 would affect 20X1 operations via the routine accounting entries of 20X1 Period 20X0 X1 1Revenue has been collected in advance, but earned amounts have not been recognized at the end of 20x0. Instead, all revenue was recogn as earned in 20X1 2Revenue for servioes rendered has been earned, but the unbilled amounts have not been recognized at the end of 20X0. Accrued wages payable have not been recognized at the end of 20X 4 Prepaid rent has been paid (in late 20X0), but no adjustment for rent userd in 20xo was made. The payments have been debited to prepaid rent were trans d to expense in mid-20X1 Choose from any drop-down list and th e next ques

Explanation / Answer

   Period 20X0 20X1 1 Understated Overstated 2 Understated Overstated 3 Overstated Understated 4 Overstated Understated

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