Select all that apply. the accountant for harper plumbing company failed to record the following transaction in the journal: billed customers $1,400 for services performed. select the two of the following that will be errors resulting from this omission. a : net income will be understated. b : assets will be overstated on the balance sheet. c : the ledger will not balance. d : net income will be overstated. e : the journal will not balance. f : assets will be understated on the balance sheet.

A : Net income will be understated and

F. Assets will be understated on the balance sheet.

Explanation:

'Billed customers $1,400 for services performed' will be journalised as:

Cash A/c Dr to Sale/Income A/c Cr.

So; Not recording this transaction will understate the income & asset i.e cash. Income will be understated in the P&L A/C, assets will be understated in the Balance Sheet.

Other options are inapt because: Assets & Income overstatement are opposites of correct answer. Journal & ledger will be balanced because the entire entry is not recorded & its both debit & credit aspects have been omitted.

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