Foxboro Company experienced an accounting event that affected it balance sheet and income statement in...
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Accounting
Foxboro Company experienced an accounting event that affected it balance sheet and income statement in the following way:
Assets: -/+
Liabilities: NA
Equity: NA
Revenue: NA
Expenses: NA
Net Income: NA
Which of the following accounting events could have caused these effects on Foxboro's statements:
a. Purchase raw materials inventory on account
b. Transfer cost from work in process to finished good inventory
c. Recognize revenue from merchandise sold for cash
d. None of the above
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