This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A $700 purchase of supplies on account was recorded by debiting Accounts Payable and crediting ... (Read 44 times)

pepyto

  • Hero Member
  • *****
  • Posts: 547
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by pepyto on Feb 18, 2020

polinasid

  • Sr. Member
  • ****
  • Posts: 344
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.
Answer Preview
Only 25% of students answer this correctly


pepyto

  • Member
  • Posts: 547
Reply 2 on: Feb 18, 2020
Thanks for the timely response, appreciate it

milbourne11

  • Member
  • Posts: 322
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Expendable Supplies Expendable Supplies
Example of an accounts receivable aging analysis report. Example of an accounts receivable aging analysis report.
Typical Examination Room Equipment and Supplies Cont. Typical Examination Room Equipment and Supplies Cont.
Science versus religion: What accounts for the conflict and tension that have existed between them? Science versus religion: What accounts for the conflict and tension that have existed between them?
Buildings account for 15% of greenhouse gas emissions Buildings account for 15% of greenhouse gas emissions
A $50 000 bond bearing interest at 5.5% payable semi-annually is redeemable at par on August ... A $50 000 bond bearing interest at 5.5% payable semi-annually is redeemable at par on August ...
Video: Brief Summary on Photosynthesis - Animation

For a complete list of videos, visit our video library