A company uses the periodic inventory method Which of the following entries would be made to record a $1,200 purchase of inventory on account The accounting entry would be a $1,200 debit to Accounts Payable and a $1 200 credit to Inventory The accounting entry would be a $1,200 debit to Inventory and a $1,200 credit to Accounts Payable The accounting entry would be a $1,200 debit to Purchases and a $1,200 credit to Accounts Payable The accounting entry would be a $1,200 debit to Accounts Payable and a $1 200 credit to Purchases Question 31 2 pts A company makes two errors in the physical count of inventory Beginning inventory was overstated by $28,000 and ending inventory is understated by $43,000 Which of the following will be the net effect of the two errors Net income for the following year is overstated by $15,000 Net income for the following year is understated by $15,000 Net income for the following year is understated by $71,000 Net income for the following year is overstated by $43,000

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A company uses the periodic inventory method  Which of the following entries would be made to record a $1,200 purchase of inventory on account  The accounting entry would be a $1,200 debit to Accounts Payable and a $1 200 credit to Inventory The accounting entry would be a $1,200 debit to Inventory and a $1,200 credit to Accounts Payable  The accounting entry would be a $1,200 debit to Purchases and a $1,200 credit to Accounts Payable  The accounting entry would be a $1,200 debit to Accounts Payable and a $1 200 credit to Purchases  Question 31 2 pts A company makes two errors in the physical count of inventory  Beginning inventory was overstated by $28,000 and ending inventory is understated by $43,000  Which of the following will be the net effect of the two errors  Net income for the following year is overstated by $15,000 Net income for the following year is understated by $15,000  Net income for the following year is understated by $71,000  Net income for the following year is  overstated by $43,000

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A company uses the periodic inventory method. Which of the following entries would be made to record a $1,200 purchase of inventory on account? The

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