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Which would be the effect of the error for herald company

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Reference no: EM132689407

Problem 1. The accountant for the Herald Company forgot to make an adjusting entry to record depreciation expense for the year. The effect of this error would be:

a. An overstatement of equity and an understatement of assets.
b. An understatement of equity and an overstatement of assets.
c. An overstatement of equity and assets.
d. An understatement of equity and assets.
e. None of the above.

Reference no: EM132689407

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