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Would assets be overstated on the balance sheet

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Reference no: EM132740636

Problem 1: If an adjusting entry was inadvertently omitted of $7375 on a journal. Would assets be overstated on the Balance Sheet? If so, by how much?

Problem 2: Would the Retained Earnings be overstated on the Balance Sheet? If so by how much?

Reference no: EM132740636

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