Social responsibility is important only for large corporations

In the bait and switch advertising model, the bait involves pressuring customers in a store into buying unadvertised or more expensive products.

Answer the following statement(s) true (T) or false (F)

A &D Window cleaning performed $450 of services but has not yet billed customers for the month. If A&D fails to record the adjusting entry, what is the impact on the financial statements?

a. balance sheet: assets understated, equity overstated income statement: expense understated b. balance sheet: liabilities overstated, equity understatedincome statement: revenues understated c. balance sheet: assets overstated, equity understated income statement: expenses understated d. balance sheet: assets understated, equity understated income statement: revenues understated