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Home Q & A Board Other Fields Homework Help Business Accounting
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majestico majestico
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Posts: 1455
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6 years ago
A customer returned merchandise that had been paid for within a discount period for credit. The entry was recorded with a debit to Sales Returns and Allowances and a credit to Accounts Receivable for the net amount. This error would cause:
A) the period end liabilities to be understated.
B) the period end assets to be understated.
C) the period's net income to be understated.
D) None of these is correct.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
Read 103 times
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OmpaOmpa
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6 years ago
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majestico Author
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#2
6 years ago
Yeah, makes a lot more sense. Appreciate this quite a lot
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#3
3 years ago
Thank you Slight Smile
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