Question: Need help understanding these practice questions. 1. A $300 receipt of cash on account was recorded as a $500 debit to accounts payable and a

Need help understanding these practice questions.

A $300 receipt of cash on account was recorded as a $500 debit to accounts payable and a $500 credit to cash. This error will cause: Cash is understated by $800

2. What is a periodic inventory system? And how would I calculate COGS if a company uses a periodic inventory system?

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