During the current accounting period Page Company makes the following
During the current accounting period, Page Company makes the following errors. The company uses a perpetual inventory system.
Required:
Indicate the effect of each error on the net income, total assets, total liabilities, and total shareholders’ equity at the end of the accounting period by using the following code: O5 overstated, U5 understated, N5 no effect. Disregard income taxes.
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