Multiple Choice
A credit of $500 to Equipment was mistakenly credited to Revenue.What is the effect of this error?
A) Equipment is understated and Revenue is understated.
B) Equipment is overstated and Revenue is overstated.
C) Equipment is overstated and Revenue is understated.
D) Equipment is understated and Revenue is overstated.
Correct Answer:
Verified
Correct Answer:
Verified
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