<span>In 2016, approximately 37,461 people died in automobile collisions in the U.S. This is the highest amount of fatalities on U.S. roads since 2008. The number of automobile collision related fatalities since 2008 had shown a downward trend yearly until 2015, where there was a 10.5% increase in deaths compared to the previous year.</span>
Answer:
a) Fees earned (or revenues) will be understated. Net income will be understated.
b) Accounts (fees) receivable (or assets) will be understated. Owner’s equity will
be understated.
Explanation:
Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition, principle and expense recognition principle.
All adjusting entries affect at least one income statement account (revenue or expense), and one statement of position account (asset or liability).
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