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upton upton
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7 years ago
The collection on account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause:
A) the net income for the period to be overstated.
B) the assets to be overstated.
C) the net income for the period to be understated.
D) the control account to not agree with the subsidiary ledger.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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AugustisAugustis
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#1
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7 years ago
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upton Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
erimis
wrote...

Yesterday
Smart ... Thanks!
lipop
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2 hours ago
Good timing, thanks!
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