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    Staci0115's Avatar
    Staci0115 Posts: 12, Reputation: 1
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    #1

    Nov 9, 2008, 08:36 AM
    Accounting Error
    If you record a disbursement for rent expense as if the payment had been for an insurance expense, how would this affect the income statement, balance sheet and statement of stockholders' equity?
    BlueStone70's Avatar
    BlueStone70 Posts: 6, Reputation: 2
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    #2

    Nov 12, 2008, 12:44 PM

    The affect on the Income Statement would be that the expense would show up in the wrong GL account. There would be no affect on the balance sheet or statement of stockholders equity.
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