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Kenyon Company Experienced a Transaction That Had the Following Effect

Question 47

Multiple Choice

Kenyon Company experienced a transaction that had the following effect on the financial statements:
Which transaction would have this effect?
Kenyon Company experienced a transaction that had the following effect on the financial statements: Which transaction would have this effect?   A) Paid for merchandise that had been purchased on account. B) A loss on land that was sold for cash. C) Return by a customer of a sale that was made on account. D) Return to a supplier of merchandise purchased on account.


A) Paid for merchandise that had been purchased on account.
B) A loss on land that was sold for cash.
C) Return by a customer of a sale that was made on account.
D) Return to a supplier of merchandise purchased on account.

Correct Answer:

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