Accounting for IGCSE & O level - Accounting Procedures (Section 7 - No. 19)
Debit and credit entries for electricity expenses were \$200 were reversed. How will the below scenario affect the draft profit?
Expenses was understated by \$440
Expenses was overstated by \$440
Expenses was understated by \$200
Profit was understated by \$440
Explanation
Expenses was overstated by \$440.
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