Question: Question 2 with explaination please Case 1. Ending inventory overstated, but purchases were recorded correctly. Case 2. Ending inventory correctly stated, but some purchases &

Question 2 with explaination please

Case 1. Ending inventory overstated, but purchases were recorded correctly. Case 2. Ending inventory correctly stated, but some purchases & related accounts payable not recorded. Case 3. Both ending inventory and purchases & related accounts payable were understated. Part One. For each case use the fundamental accounting equation to illustrate the effect of the error(s) in 2019. Use the letters U, O and OK or NE for understate, Overstate, Ok or No Effect, respectively. A OE Case 1 Case 2 Case 3 Part Two Explain CLEARLY using the fundamental accounting equation, how the error in Case 1. self corrects in 2020. A Case 1

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