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How Many of the Following Statements Regarding Posting and Classification

Question 101

Multiple Choice

How many of the following statements regarding posting and classification are true?
Posting journal entries involves copying the dollar amounts from the journal into the ledger.
If a $100 debit is erroneously posted to an account as a $100 credit, the accounts will be out of balance by
$100.
If a $5,000 liability is misclassified as stockholders' equity then the accounting equation will still balance.


A) None
B) One
C) Two

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