On December 31, 2016, interest of $1,500 has accrued on a bank note. This interest payment is due on January 20, 2017. If no adjusting entry is made on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income

Understated, Overstated, No Effect
Assets
Liabilities
Equity
Net Income

What will be an ideal response

Understated, Overstated, No Effect
Assets No Effect
Liabilities Understated
Equity Overstated
Net Income Overstated

Business

You might also like to view...

Wage differentials are

a. illegal in all cases. b. no longer in use in industry because of their adverse effect on employee morale. c. inflationary. d. most commonly used to pay for the sacrifices of working undesirable shifts.

Business

The Microsoft Access window Close button is actually a close-and-exit button

Indicate whether the statement is true or false

Business