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The accountant for Johnston Company forgot to post an adjusting entry to record accrued revenue...

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Question

Accounting

The accountant for Johnston Company forgot to post an adjusting entry to record accrued revenue (i.e., revenue earned but not yet collected from customers). The effect of this error will result in:

Group of answer choices

A) an understatement of net income and equity and an overstatement of assets

B) an overstatement of assets, net income, and equity

C) an overstatement of net income and an understatement of assets

D) an overstatement of assets and net income and an understatement of equity

E) an understatement of assets, net income, and equity

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