Homework Answers
Company need to debiting expense ($25000) only.
But in this case company record interest by debiting revenue ($25000) & crediting expense ($25000).
By incorrectly debiting revenue, Owners equity is $25000 understated
By incorrectly crediting expense, Owners equity is $50000 overstated
Hence net effect on Owners equity = $25000 understated + $50000 overstated = $25000 overstated
Option C is correct
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error.
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made.
thank you!!
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(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
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