Homework Answers
Answer: Asset to be lower than they should be.
Asset account was meant to be debited . Asset increases when it is debited. But since the expense account got debited instead of asset account, the asset would be lower than they should be.
Alos, a debit to the expense account will increase the balance of iy. So Expenses will be higher than they actually should be because of the error.
Also the second option is also wrong because , the wrror made the expenses to be higher that they should be leading to a decrease in Net Income or increase in Net loss which would inturn reduce the owners equity.
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