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Category > Accounting Posted 18 May 2017 My Price 6.00

Merchandise sold on credit was returned for credit and recorded

Merchandise sold on credit was returned for credit and recorded with a debit to Sales and a credit to Accounts Payable. This error will cause: A) the net income for the period to be overstated B) the assets to be overstated C) the net income for the period to be understated D) the control account to not agree with the subsidiary ledger 

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Alpha Geek
(8)
Status NEW Posted 18 May 2017 12:05 PM My Price 6.00

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Attachments

file 1495111748-413569_1_636306348343193819_Journal-error.xlsx preview (183 words )
41-----------356-----------9&a-----------mp;-----------amp-----------;in-----------foI-----------d=4-----------048-----------99J-----------our-----------nal----------- er-----------ror-----------Mer-----------cha-----------ndi-----------se -----------sol-----------d o-----------n c-----------red-----------it -----------was----------- re-----------tur-----------ned----------- fo-----------r c-----------red-----------it -----------and----------- re-----------cor-----------ded----------- wi-----------th -----------a d-----------ebi-----------t t-----------o S-----------ale-----------s a-----------nd -----------a c-----------red-----------it -----------to -----------Acc-----------oun-----------ts -----------Pay-----------abl-----------e.r----------- Pl-----------eas-----------e E-----------XPL-----------AIN----------- yo-----------ur -----------ans-----------wer-----------!Th-----------is -----------err-----------or -----------wil-----------l c-----------aus-----------eA)----------- th-----------e n-----------et -----------inc-----------ome----------- fo-----------r t-----------he -----------per-----------iod----------- to----------- be----------- ov-----------ers-----------tat-----------ed -----------B) -----------the----------- as-----------set-----------s t-----------o b-----------e o-----------ver-----------sta-----------ted----------- C)----------- th-----------e n-----------et -----------inc-----------ome----------- fo-----------r t-----------he -----------per-----------iod----------- to----------- be----------- un-----------der-----------sta-----------ted----------- C)----------- Co-----------rre-----------ct -----------ans-----------wer-----------D) -----------the----------- co-----------ntr-----------ol -----------acc-----------oun-----------t t-----------o n-----------ot -----------agr-----------ee -----------wit-----------h t-----------he -----------sub-----------sid-----------iar-----------y l-----------edg-----------erE-----------xpl-----------ana-----------tio-----------nTh-----------e
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