Alpha received cash from a customer to satisfy an account receivable but erroneously recorded the transaction...

 

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Alpha received cash from a customer to satisfy an account receivable but erroneously recorded the transaction as cash paid to a vendor to satisfy an account payable from an earlier purchase of supplies. What effect does this have on assets, liabilities, and net income? Alpha received cash from a customer to satisfy an account receivable but erroneously recorded the transaction as cash paid to a vendor to satisfy an account payable from an earlier purchase of supplies. What effect does this have on assets, liabilities, and net income?

Answer rating: 100% (QA)

If Alpha erroneously recorded the transaction as cash paid to a vendor instead of recognizing it as ... View the full answer