Langdon Company Experienced an Accounting Event That Affected Its Financial

question 54

Multiple Choice

Langdon Company experienced an accounting event that affected its financial statements as indicated below: $\begin{array}{|c|c|c|c|c|c|c|c|c|c|}\hline \text { Assets } & = & \text { Liab. } & + & \text { Equity } & \text { Rev. } & - & \text { Exp. } & = & \text { Net Inc. } \\\hline(250) & = & \mathbf{n} / \mathbf{a} & + & (250) & \mathbf{n} / \mathbf{a} & - & 250 & = & (250) \\\hline\end{array}$ Which of the following transactions could have caused the indicated effects on the company's accounting equation?

• A) Goods transferred from work in process to finished goods.
• B) Allocation of underapplied overhead to cost of goods sold.
• C) Collection of account receivable.
• D) Allocation of overapplied overhead to cost of goods sold.

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