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Accounting

1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause.

A) the net income for the period to be undersatnd.

B) the net income for the period to be overststed.

C) the control account to not agree with the subsidiary ledger.

D) the sales account to be underststed.

2) Collected from a charge This will be recorded with.

A) a credit to a liability account.

B) a credit to an ower's equity account.

C) a credit to an asset account.

D) none of these are correct.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796068

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