What is the effect of the following error? The owner withdrew $3,000 for personal use. The accountant debited Wages Expense for $3,000 and credited Cash for $3,000.
A) Net Income was understated.
B) Cash was understated.
C) Total Owner's Equity was understated.
D) Cash was overstated.
E) Wages Expenses were understated.
Correct Answer:
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