CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND ACCOUNTING FOR ...

Assets = Liabilities + Owner's Equity + Rev. - Expenses Cash Interest Payable Interest Expense Dec.31 Adj. 280 Dec. 31 Adj. 280 5. Affect if the adjusting entry for accrued expenses is OMITTED: Expenses are understated as did not accrue the additional expense of Interest Expense. ................
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