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The payment of $10,000 for expenses was recorded by Spears Co. as an increase in cash of $10,000, and a decrease in retained earnings of $10,000. What is the effect of this error on the accounting equation?

a) Total assets will exceed total liabilities and stockholders' equity by $20,000.

b) Total assets will exceed total liabilities and stockholders' equity by $10,000.

c) Total assets will be less than total liabilities and stockholders' equity by $20,000.

d) The error will not affect the accounting equation.

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