1.Daniel incorrectly recorded an AJE for interest on a note receivable instead of the correct...
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Accounting
1.Daniel incorrectly recorded an AJE for interest on a note receivable instead of the correct AJE for interest on a note payable. The interest wont be paid by Daniel until next year.
2.Instead of recording the purchase return of inventory to satisfy its liability, Daniel incorrectly recorded the transaction as the payment of cash to satisfy a liability from an earlier purchase of inventory. The periodic inventory system is used and the inventory was not included in Alphas ending inventory.
3.Daniel paid cash for one year of rent in the third month of the year but incorrectly recorded it as cash paid to satisfy an account payable. Daniel also failed to record the required AJE for the rent used during the year.
Please tell How Assets, Liabilites, Stockholder equity is effected, Overstated, Understated, or Neither
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