Question: TB MC Qu . 7 - 1 0 0 ( Static ) Woods Company made an ordinary... Woods Company made an ordinary repair to a

TB MC Qu.7-100(Static) Woods Company made an ordinary...
Woods Company made an ordinary repair to a delivery truck at a cost of $500. Woods' accountant debited the asset account, Equipment. Was this treatment an error, and if so, what will be the effect on Woods' financial statements?
Multiple Choice
Yes, the error understated net income.
Yes, the error overstated assets and net income.
No, the repair was accounted for correctly.
TB MC Qu . 7 - 1 0 0 ( Static ) Woods Company

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