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A company recorded the $27,000 adjusting entry for accrued interest receivable on monies is loaned...

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Question

Accounting

A company recorded the $27,000 adjusting entry for accrued interest receivable on monies is loaned by debiting revenues and crediting liabilities for $27,000. Net income is

A. $27,000 understatetd

B. $27,000 overstated

C. $54,000 overstated

D. $54,000 understated

E. correct

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