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Reno Company experienced a transaction that had the following effect on the financial statements: assets decreased and liability decreased (For your reference: Assets = Liabilities
Reno Company experienced a transaction that had the following effect on the financial statements: assets decreased and liability decreased
(For your reference: Assets = Liabilities + Stockholders' equity.) Which transaction would have this effect, that is,
Select one:
A. Freight-in cost incurred; payment to be made in 30 days
B. Return to a supplier of merchandise that was purchased on account
C. Return by a customer of a sale that was made on account
D. A loss on land that was sold for cash
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