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On 12/12/2020 smith inc purchased merchandise on account from suppliers. On 12/20/2020 smith inc paid its suppliers for half of the merchandise purchased. Smith inc

On 12/12/2020 smith inc purchased merchandise on account from suppliers. On 12/20/2020 smith inc paid its suppliers for half of the merchandise purchased. Smith inc did not record either of these transactions. What is the effect on the financial statement for the year ending 12/31/2020?

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