Assume that Donahue Consulting erroneously recorded the payment of $11,500 of dividends as salary expense. (a) How
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(a) How would this error affect the equality of the accounting equation?
(b) How would this error affect the income statement, retained earnings statement, balance sheet, and statement of cash flows?
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a The equality of the accounting equation would not be affected That is the accounting equation woul...View the full answer
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Related Book For 
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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