Jordan erroneously credited a liability account rather than a revenue account. Therefore: A. total assets are not affected. B. expenses are understated. C. ending stockholders’ equity will be overstated. D. liabilities are understated.. E. None of these.
18. (Multiple Choice)Jordan erroneously credited a liability account rather than a revenue account.
Therefore:
A. total assets are not affected. B. expenses are understated. C. ending stockholders’ equity will be overstated. D. liabilities are understated.. E. None of these.
20. (Multiple Choice)
Purchasing an item of equipment for cash will cause total assets, total liabilities, and stockholders’ equity to:
A. increase, increase, and remain unchanged, respectively. B. remain unchanged, remain unchanged, and remain unchanged, respectively. C. increase, remain unchanged, and increase, respectively. D. increase, remain unchanged, and decrease, respectively. E. None of these.
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