Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit..

Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit..

Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How would this error affect the income statement, retained earnings statement, and balance sheet?View Solution:
Assume that Muscular Consulting erroneously recorded the payment of 7 500

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