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The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in what?

The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in what?
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The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inventory results in what?

User Jonathan W
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1 Answer

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an understatement of liabilities and an overstatement of owners' equity.
User Jdero
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