While performing its monthly bank reconciliation, the bookkeeper for Grace Corporation noted that a deposit of $990 (received from a customer on account) was recorded in the company books as $900. Which of the following shows the effect of the correcting entry on the financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt of CashFlowsA.90 NA 9090 NA 9090 OAB.990 NA 990990 NA 90990 OAC.NA NA NANA NA NA90 OAD.NA NA NANA NA NA(90) OA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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