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A $250 Payment on Account Was Recorded as a Debit

Question 19

Multiple Choice

A $250 payment on account was recorded as a debit to accounts receivable and a credit to accounts payable. This error will cause:

A) accounts receivable to be overstated.
B) accounts payable to be understated.
C) cash to be understated.
D) owner's equity to be overstated.

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