Kelton Inc

question 19

Multiple Choice

Kelton Inc.purchases inventory for $2,000 and incurs shipping costs of $100 for the goods to be delivered.To record this transaction,the company debits Inventory for $2,000,debits Selling Expenses for $100,and credits Cash for $2,100.Which of the following statements is correct?

• A)All accounts are accurately stated.
• B)Assets are understated.
• C)Net income is overstated.

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Definitions:

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