Question
Over/Under: Alpha paid cash for the purchase of supplies but incorrectly recorded it as cash paid to satisfy an account payable. An AJE was correctly
Over/Under: Alpha paid cash for the purchase of supplies but incorrectly recorded it as cash paid to satisfy an account payable. An AJE was correctly recorded for the supplies used. This has what effect on assets, liabilities, and net income?
- Assets : Understated
- Liabilities : Understated
- Net Income : No Effect
Why are the answers the above?
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
