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.
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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