Introduction to Accounting
65: Payment for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period — $99 was received. This was recorded with a debit to Sales Discounts for $1.00, a debit to Cash for $99, and a credit to Accounts Receivable $100, but no mention was made of the subsidiary ledger account.l This error will cause the:
a. net income for the period to be overstated
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c. control account to not agree with the subsidiary ledger
d. assets to be overstated.
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