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Author Question: A $700 purchase of supplies on account was recorded by debiting Accounts Payable and crediting ... (Read 42 times)

pepyto

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on: Feb 18, 2020
A $700 purchase of supplies on account was recorded by debiting Accounts Payable and crediting Supplies. How would this affect net income?
◦ Net income would be understated.
◦ Net income would not be affected — this is the correct journal entry.
◦ Net income would be overstated.
◦ Net income would not be affected, but the journal entry is incorrect.
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by pepyto on Feb 18, 2020

polinasid

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Reply #1 on: Feb 18, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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pepyto

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Reply 2 on: Feb 18, 2020
Excellent

zacnyjessica

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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