Question
A credit to a liability account was posted to an owners equity account. This would cause:
Answers
Ms. Sue
What is your answer?
A. assets to be overstated
B. liabilities to be understated
C. owner's equity to be understated
D. net income to be overstated
A. assets to be overstated
B. liabilities to be understated
C. owner's equity to be understated
D. net income to be overstated