question archive If a purchase on credit is omitted from both the purchases account and ending inventory of the current year and is not recorded in the succeeding year the income statement is correct because the errors in the purchases and ending inventory offset each other
If a purchase on credit is omitted from both the purchases account and ending inventory of the current year and is not recorded in the succeeding year the income statement is correct because the errors in the purchases and ending inventory offset each other
Subject:BusinessPrice: Bought3
If a purchase on credit is omitted from both the purchases account and ending inventory of the current year and is not recorded in the succeeding year
the income statement is correct because the errors in the purchases and ending inventory offset each other.
the income statement is Incorrect. because one error carries over to the second error.
the balance sheet shows ending inventory as understated and accounts payable as overstated.
the balance sheet shows ending inventory and accounts payable are overstated.
