Two Transactions Are Recorded Incorrectly in a Worksheet

question 48

Multiple Choice

Two transactions are recorded incorrectly in a worksheet. The first error is a transaction of $1000 which is recorded twice on the assets side of the worksheet. The second error is a transaction of $500 recorded only on the assets side of the worksheet. What will be the difference between the assets side of the worksheet and the liabilities + owners' equity side of the worksheet?

• A) $500
• B) $1500
• C) $2000
• D) $2500

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