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What the liability to be recorded would be

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Reference no: EM132911004

Sales on account of ?3,600 were erroneously recorded as ?6,300. This error will:

a. understate the asset.

b. understate the capital.

c. overstate the profit.

d. overstate the liability.

Office machine of ?50,000 was erroneously recorded as expense. This error will:

a. understate the liability.

b. understate the profit.

c. overstate the asset.

d. overstate the revenue.

Problem 1: The pre-collection is ?600. This is applicable for a six-month rental period ending January 31, 2021. The balance sheet to prepared is dated December 31, 2020. if the pre-collection was recorded under the income method, the liability to be recorded would be:

a. ? 0

b. ?500

c. ?600

d. ?100

Reference no: EM132911004

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