ent for e accounting practice t X 1.Net Income Would In Accounting Test 2 Fla X x ure.com/courses/11 202/quizzes/135821/take Question 18 If an adjustment for expense that has been incurred but not paid was not recorded. revenues and liabilities would be overstated assets and owners' equity would be overstated liabilities and owners' equity would be understated net income and assets would be understated Question 19 In a perpetual inventory system, if the terms of sale are FOB shipping point the journal record the payment of freight charges on purchased merchandise includes a: ei of Goods Sold debit to C debit to Inventory