Solved

Office Supplies (Not Used for Resale) Bought on Account Were

Question 100

Multiple Choice

Office Supplies (not used for resale) bought on account were returned for credit and recorded with a debit to Accounts Payable and a credit to Cost of Goods Sold. This error will cause


A) net income to be overstated.
B) net income to be understated.
C) net income to not be affected.
D) total assets to be understated.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions