If a company fails to make the required adjusting entry to estimate uncollectible accounts using the allowance: percent of sales method, then this error: A. Understates Net Income B. Overstates Expenses C. Overstates Net Assets D. Understates Net Assets For a merchandising firm, which of the following indicates when the buyer legally assumes ownership of the purchased goods: A. When the goods leave the seller B. When the goods arrive at their destination C. Purchase terms 2/10, n 30 D. None of the above