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The Entry to Close the Expense Account(s) Was Entered in Reverse

Question 59

Multiple Choice

The entry to close the expense account(s) was entered in reverse - Income Summary was credited and the expense account(s) was/were debited. This error would cause


A) assets to be overstated.
B) liabilities to be overstated.
C) Capital account to be understated.
D) Capital account to be overstated.

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