Multiple Choice
Assume that a company uses a perpetual inventory system and records the return of inventory previously purchased on account a debit to Accounts Payable and a credit to Inventory.This entry is:
A) incorrect and will cause assets to be overstated
B) incorrect and will cause assets to be understated
C) incorrect and will cause liabilities to overstated
D) correct
Correct Answer:
Verified
Correct Answer:
Verified
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