Question 2 (2 points) Saved Smith Corporation purchased a machine for $15,000 in...
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Accounting
Question 2 (2 points)
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Smith Corporation purchased a machine for $15,000 in October, 2020. If Smith Corp. recorded the purchase price of the machine an expense, which of the following would be true?
Question 2 options:
a)
Net Income would be overstated as of 10/31/20
b)
Net Income would be understated as of 10/31/20
c)
Smith Corp. would have recorded the transaction correctly
d)
Assets would be overstated as of 10/31/20
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