7 The gas bill for December amounted to 78 Because of the ho

7. The gas bill for December amounted to $78. Because of the holidays, the bill sat around on the comptroller\'s desk and was not paid until January 8th. For the adjusting journal entry (if there is one) the effect on each of the following of not recording the adj entry is: [Write O (Overstates), U (Understates), or NE (No Effect) next to each account type.] Asset: Liability: Revenue: Expense: Net Income:

Adjusting entry :-

If the Adjusting entry is not recorded then :-

Asset - no effect

Liability - Understated

Revenue - no effect

Expense - Understated

Net income - Overstated

Gas exp. / utility exp.	78
Accounts payable		78

$7. The gas bill for December amounted to $78. Because of the holidays, the bill sat around on the comptroller\'s desk and was not paid until January 8th. For th$

7 The gas bill for December amounted to 78 Because of the ho

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