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Over/Under: Alpha failed to record the following: (1) Inventory (previously purchased by Alpha) returned to the vendor for $500 cash using the periodic inventory system
Over/Under: Alpha failed to record the following: (1) Inventory (previously purchased by Alpha) returned to the vendor for $500 cash using the periodic inventory system and (2) an AJE for utilities (water and electricity) of $300. The returned inventory was not included in Alpha's ending inventory. What effect does all of this have on assets, liabilities, and net income?
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