D Question 14 2 pts In preparing the July bank reconciliation for Oscar Company, it was discovered that, on July 16, a check was properly written to pay utilities expense of $82 but the check was erroneously recorded as $28 in the company's books. The journal entry required to correct the error is DR Utilities Expense $54 and CR Cash $54. DR Cash $54 and CR Utilities Expense $54. O DR Cash $28 and CR Utilities Expense $28. DR Utilities Expense $82 and CR Cash $82 D Question 15 2 pts Based on the following three statements, select the response that indicates whether each statement is True or False. A. The Sarbanes-Oxley Act of 2002 requires external auditors of public companies to implement and regularly evaluate internal controls for their clients. B. The COSO framework includes five interrelated components: Control Environment, Risk Assessment, Control Activities, Monitoring Activities, and Information/Communication. C. Congress passed the Sarbanes-Oxley Act in 2002 in response to high profile fraud cases such as Enron and WorldCom. A True B. True C. True A. False B. True C. True A True B. True C. False A False B. True C. False D Question 7 2 pts Armstrong Company sold merchandise with a cost of $600 to a customer for $725 on account. The inventory reduction and the associated cost of goods sold were properly recorded. However, Armstrong failed to record the corresponding sales revenue and associated accounts receivable. What effect will the failure to record these entries have on Armstrong's accounting equation? Total assets and total equity will be understated. The accounting equation will not be affected. Total assets and total equity will be overstated. Total assets will be overstated and total equity will be understated