On Saturday, 30 June, BD Pool Supplies sold goods to
A) Overstated by $6,400.
B) Overstated by $5,300.
C) Overstated by $1,100.
D) Not affected, but the profit for July is understated.
E) Lee on account. The sales price was $6,400, and the cost of goods sold was $5,300. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, 2 July. As a result, profit for June was:
Correct Answer:
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