73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense...
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense account. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be overstated d. None of the above.
74. The return of merchandise was recorded as a debit to Accounts Payable and a credit to Purchases. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be understated d. None of the above.
Homework Answers
| Answer-73 |
| The correct option is : D |
| None of the above |
| Explanation |
| because this error would cause of total assets will be Overstated. |
| Answer-74 |
| The correct option is : D |
| None of the above |
Add Answer to:
73. The freight paid on goods purchased F.O.B. shipping point
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Please what journal entries you would make and how assets, liabilities and net income are effected...
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2.
3.
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liabilities and net income are effected (understated, overstated,
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