DuPlessis Corporation incorrectly recorded $25,000 of goods held on consignment for another company as a purchase during

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DuPlessis Corporation incorrectly recorded $25,000 of goods held on consignment for another company as a purchase during the year ended December 31, 2011. The physical inventory count agreed with the perpetual inventory accounting records at year end. What effect, if any, will this error have on total assets, liabilities, and shareholders' equity at December 31, 2011, assuming the error is not detected before year end?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial Accounting Tools for Business Decision Making

ISBN: 978-1118024492

5th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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