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73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense account. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be overstated d. None of the above.
74. The return of merchandise was recorded as a debit to Accounts Payable and a credit to Purchases. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be understated d. None of the above.
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