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Which the error will result in

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Reference no: EM132762842

Problem 1: For the cash account to decrease and the net profit to decrease the transaction occurring must have been:

A. purchase of a new printer for the owners home computer.
B. repayment of a loan.
C. payment of an electricity bill.
D. agreement with a supplier on the value of the next delivery.
E. None of the above

Problem 2: The bookkeeper recorded wages for the month as a decrease to the Income account rather than as an increase to Wages Expense. This error will result in:

A. Overstated net profit for the period
B. Understated equity at the end of the period
C. Understated assets at the end of the period
D. Overstated assets at the end of the period
E. No effect on net profit of the period

Reference no: EM132762842

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