What is the effect of the following business activity on the element indicated? You bought inventory with shipping terms FOB shipping point. Shipping costs $225 cash. - Assets 1) increase 2) no effect

What is the effect of the following business activity on the element indicated? You bought inventory with shipping terms FOB shipping point. Shipping costs $225 cash. - Assets 1) increase 2) no effect

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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Question

What is the effect of the following business activity on the element indicated?
You bought inventory with shipping terms FOB shipping point. Shipping costs $225
cash. --- Assets
1) increase
2) no effect
3) increase to one and decrease to another
O4) decrease

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