Question: For the following error, indicate the effect on 12/31/19 Retained Earnings and 12/31/19 Liabilities, respectively. A $10,000 cash purchase of ten-year equipment in 2019 was

For the following error, indicate the effect on 12/31/19 Retained Earnings

For the following error, indicate the effect on 12/31/19 Retained Earnings and 12/31/19 Liabilities, respectively. A $10,000 cash purchase of ten-year equipment in 2019 was expensed. Select one: a. No Error, No Error b. No Error, Understated c. Understated, No Error O d. Understated, Understated O e. Understated, Overstated

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