Hughes Copies, Inc., erroneously recorded a purchase of equipment on account by debiting Equipment and crediting...
Hughes Copies, Inc., erroneously recorded a purchase of equipment on account by debiting Equipment and crediting Cash. What will be an effect of this error on the trial balance?
Equipment understated
Cash overstated
Equipment overstated
Liabilities understated
Homework Answers
| Liabilities are understated on the trial balance |
| Accounts Payable have not been credited for purchase of equipment as a result Liabilities are understated |
| Option D Liabilities understated is correct |
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Hughes Copies, Inc., erroneously recorded a purchase of
equipment on account by debiting Equipment and crediting...
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