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QUESTION 1 Landon Mars, the company bookkeeper, recorded the $ 1 0 , 0 0 0 purchase of land as Rent Expense by decreasing Cash
QUESTION
Landon Mars, the company bookkeeper, recorded the $ purchase of land as Rent Expense by decreasing Cash and decreasing Shareholders' Equity. What is the effect of this error on the accounting equation?
Assets
Liabilities
Shareholders' Equity
A
Too high
B
Too low
C
Correct
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