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Wolfe, Inc. accepted $500 in returned merchandise from a credit customer. How would this affect...

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Accounting

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Wolfe, Inc. accepted $500 in returned merchandise from a credit customer. How would this affect the financial statements? A. The Statement of Financial Position would be affected - total assets would increase. B. The Statement of Financial Position would be affected - total liabilities would increase. C. The Statement of Earnings would be affected - net earnings would increase. D. The Statement of Earnings would be affected - net earnings would decrease

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