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Fortune Resort Industries ( FRI ) experienced an accounting event that affected its financial statements as indicated below: Which of the following accounting events could
Fortune Resort Industries FRI experienced an accounting event that affected its financial statements as indicated below:
Which of the following accounting events could have caused these effects on FRI's statements?
Purchased raw materials inventory on account.
Transferred cost from work in process to finished goods inventory.
Recognized revenue from merchandise sold for cash.
None of the above.
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