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Determine which of the following conditions will exist

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Question 1: A receipt of $300 cash on account was recorded as a $500 debit to Accounts payable and a $500 credit to Cash. Which of the following conditions will exist?

Option A) Cash is overstated by $500.

Option B) Cash is overstated by $800.

Option C) Cash is understated by $800.

Option D) Cash is understated by $500.

Reference no: EM132488927

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