Problemassume that esquire consulting erroneously recorded, Ask an Expert

Accounting

Problem:

Assume that Esquire consulting erroneously recorded the payment of $30,000 of dividends as salary expense.

Required:

Question 1: How would this error affect the equality of the accounting equation?

Question 2: How would this error affect the income statement, retained earnings statement, balance sheet, and statement of cash flows?

Note: Explain all steps comprehensively.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164158

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