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The Dirk Company fails to record these journal entries: Accrued revenue $65 Payment of previously declared...

The Dirk Company fails to record these journal entries:

Accrued revenue $65
Payment of previously declared dividend $35
Expiration of prepaid rent $28

Determine the net effect of these errors on the following items. Indicate the dollar amount of the error and the direction of the error. (Example: $17 overstated, or $12 understated, or No Error.)

  1. Net Income
  2. Total Liabilities
  3. Total Assets
  4. Retained Earnings

Please show work or any equations used to get the answer.

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ekkarill92 answered 3 years ago
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