Question
How would a purchase of $300 of inventory on credit affect the income statement? a. It would increase liabilities by $300 b. It would decrease
How would a purchase of $300 of inventory on credit affect the income statement?
| a. | It would increase liabilities by $300 | |
| b. | It would decrease retained earnings by $300 | |
| c. | It would increase assets by $300 | |
| d. | None of the above |
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Advanced Financial Accounting
Authors: Richard Baker, Valdean Lembke, Thomas King, Cynthia Jeffrey
7th Edition
0073526746, 978-0073526744
