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how should its balance sheet be adjusted to correct for this accounting fraud ignori 626202

Suppose a business commits accounting fraud by deliberately not recording $465,000 liabilities for unpaid expenses at the end of the year. How should its balance sheet be adjusted to correct for this accounting fraud, ignoring income tax effects?

Cash

 

Accounts Payable

 

Accounts Receivable

 

Notes Payable

 

Inventory

 

Owners’ Equity

 

Fixed Assets (Net of Accumulated Depreciation)

_____

 

_____

Total Assets

 

Total Liabilities and Owners’ Equity

 

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