A Customer Returned Merchandise That Had Been Paid for Within

question 1

Multiple Choice

A customer returned merchandise that had been paid for within a discount period for credit.The entry was recorded with a debit to Sales Returns and Allowances and a credit to Accounts Receivable for the net amount.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 these is correct.

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Definitions:

Voluntary Palmar Grasp

A developmental milestone in infants, where they intentionally grasp objects with their hands.

Reflex Palmar Grasp

An involuntary movement in infants where the hand closes around an object placed in its palm, a normal reflex indicating healthy neuromuscular development.

Neat Pincer Grasp

The ability of an infant or child to pick up small objects using the thumb and one finger, typically developing around 9 to 12 months of age.

Fluoride Supplements

Compounds containing anionic fluoride used to prevent dental caries and strengthen bone density.