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Determine which of the statement ( s ) are correct if a Petty Cash account is not replenished at the end of the accounting period.
Determine which of the statements are correct if a Petty Cash account is not replenished at the end of the accounting period. Check all that apply.
The balance sheet would show an overstated cash asset.
The income statement would reflect a net income amount that was too high.
Expenses would not be recorded in the period in which they were incurred.
The balance sheet would show an understated cash asset.
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