Asked by
janette moreno
on Nov 15, 2024
Verified
It is the year end, but not the pay period end. How will this affect the balance sheet?
A) Assets will be decreased.
B) Liabilities will be increased.
C) Owner's equity will be increased.
D) Net Income will be increased.
Balance Sheet
A financial statement that summarizes a company’s assets, liabilities, and shareholders' equity at a specific point in time.
Pay Period
The interval of time for which employee wages are calculated and paid, such as weekly, biweekly, monthly.
- Recognize and modify records for advance payments and income received before it is earned.
- Comprehend the impact of making adjusting entries on both the balance sheet and the income statement.
Verified Answer
SA
Learning Objectives
- Recognize and modify records for advance payments and income received before it is earned.
- Comprehend the impact of making adjusting entries on both the balance sheet and the income statement.