Foote Company was granted a purchase discount of $200 on merchandise the company had purchased...
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Foote Company was granted a purchase discount of $200 on merchandise the company had purchased a few days ago. Foote uses the perpetual inventory system. Which of the following reflects the effects of this event on the financial statements? Asset Liab. + Rev. Exp. . Net Inc. Stk. Equity 200 NA 200 A. B. C. D. 200 NA NA (200) (200) (200) (200) (200) (200) 200 doo NA NA Stmt of Cash Flows 200 OA NA (200) OA NA NA NA NA NA NA NA NA NA Multiple Choice Option B Option D
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