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Ares Co. collected $9,000 cash that was due on an account receivable. Ares Company's accountant recorded the entry as a debit to cash and a
Ares Co. collected $9,000 cash that was due on an account receivable. Ares Company's accountant recorded the entry as a debit to cash and a credit to service revenue. As a result of this error the totals of the trial balance will not be equal. the amount of cash will be overstated. retained earnings will be overstated. dividends will be understated
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Financial Services And Markets
Authors: Dr. Punithavathy Pandian
8125931201, 978-8125931201
