In recording wages for the month a bookkeeper records a debit entry to the account Sales instead of a debit to Wages Expense.This error will result in:
A) an overstatement of sales for the period.
B) no effect on profit for the period.
C) an understatement of assets at the end of the period.
D) an understatement of equity at the end of the period.
Correct Answer:
Verified
Q34: If only one side of a $100
Q35: In a manual accounting system for a
Q36: If assets are $560 000 and equity
Q37: When a customer eventually pays for items
Q38: The rule that is incorrect is:
A)Increases in
Q40: A business purchased a delivery vehicle for
Q41: The statement that is incorrect is:
A)A debit
Q42: The statement about a trial balance that
Q43: The accounting principle that requires separation of
Q44: When parties deal from equal bargaining positions
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents