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An auditor was asked by a company manager to review the accounting records and prepare the financial statements for her company. The auditor reviewed the
An auditor was asked by a company manager to review the accounting records and prepare the financial statements for her company. The auditor reviewed the records and found three errors: (a) Cash paid on accounts payable for 630 $ was recorded as a debit to Accounts Payable and credit to Cash 360 $. (b) The purchase of inventories on account for 500 $ was debited to Equipment 500 $ and credited to Accounts Payable 500 $. (c) An owner withdrew cash for 3.500 $ and the bookkeeper debited Accounts Receivable for 350 $ and credited Cash 350 $. After making appropriate corrections, what would be the net change in Current Assets?
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