The entry to record the issuance of a note for cash was recorded with a debit to

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The entry to record the issuance of a note for cash was recorded with a debit to Cash and a credit to Notes Receivable instead of Notes Payable. The effect of recording this entry causes ______.

A. assets to be overstated, stockholders

B. equity to be understated stockholders

C. equity to be overstated liabilities to be understated

D. liabilities to be overstated assets to be understated

Related Book For answer-question

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Posted Date: Dec 10, 2023 01:33 AM

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The entry to record the issuance of a note for cash was recorded with a debit to

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Fundamentals of Financial Accounting

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