Answer:
It provided a way to check the powers of congress and president. Before this ruling, there was no checks and balances.
Explanation:
The 1803 Supreme court case of Marbury v. Madison was an important decision that helped shape the way the powers of the state, as well as the federal government, are dealt with. This event established the case for a judicial review, thereby bringing it for the very first time in the history of the US Supreme Court.
With the case involving the powers of the outgoing and incoming presidents, and the validity of the state and federal powers, the decision laid the groundwork for how the powers of the Congress and the president are limited to. This brings forth the legality of the federal courts to declare any legislation unconstitutional, bringing the step to check exercise of powers. Before this, there had never been checks or balances for the powers of the federal sector.
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).
