An investment by a new partner was debited to existing partners' capital balances. This error would cause:
A) the new partner's capital account to be understated.
B) the period end partners' equity to be understated.
C) the period end assets to be overstated.
D) None of these is correct.

Question

Quizplus · Accepted Answer

The Answer of An investment by a new partner was debited to existing partners' capital balances. This error would cause:
A) the new partner's capital account to be understated.
B) the period end partners' equity to be understated.
C) the period end assets to be overstated.
D) None of these is correct.

An Investment by a New Partner Was Debited to Existing