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The accountant for Echo Hills Co. forgot to record money given to the company for...

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Accounting

The accountant for Echo Hills Co. forgot to record money given to the company for services to be done in two months. The effect of this error is:

-An understatement of net income and liabilities

-An understatement of assets and liabilities

-An overstatement of net income and an understatement of assets

-An overstatement of assets, net income, and stockholders' equity

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