A company using the perpetual inventory system paid cash for freight costs to purchase merchandise. Which of the following reflects the effects of this event on the financial statements?Balance SheetLiabilities +n/an/an/an/aAssets ==A.B. +/-C.+/-D.+/-Multiple ChoiceOOOOption AOption DOption BO Option CStockholders'Equityn/an/aRevenuen/an/an/an/aIncome StatementExpensen/an/an/a+=Net Incomen/an/an/aStatement of Cash Flows-Operating Activity-Operating Activity-Operating Activityn/a

Assets = A. B. +/- C. +/- D. +/- Multiple Choice Balance Sheet Liabilities + n/a n/a n/a n/a Option A Option D Option B Option C Stockholders' Equity n/a n/a Revenue n/a n/a n/a n/a Income Statement Expense n/a n/a n/a Net Income n/a n/a n/a Statement of Cash Flows -Operating Activity -Operating Activity -Operating Activity n/a

Assets = A. B. +/- C. +/- D. +/- Multiple Choice Balance Sheet Liabilities + n/a n/a n/a n/a Option A Option D Option B Option C Stockholders' Equity n/a n/a Revenue n/a n/a n/a n/a Income Statement Expense n/a n/a n/a Net Income n/a n/a n/a Statement of Cash Flows -Operating Activity -Operating Activity -Operating Activity n/a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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