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UNLT UNE IRY In January, X Company purchased some equipment with $100,000 that borrowed from local bank. The accountant recorded the transactions are interies and
UNLT UNE IRY In January, X Company purchased some equipment with $100,000 that borrowed from local bank. The accountant recorded the transactions are interies and an increase in Accounts Payable As a result, on the January balance sheet, Inventories were overstated Total assets were understated Total liabilities were understated Cash was understated Retained Earnings was overstated. Accounts Payable was understated Trio
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