On 12/12/2020 smith inc purchased merchandise on account from suppliers. On 12/20/2020 smith inc paid its suppliers for half of the merchandise purchased. Smith inc did not record either of these transactions. What is the effect on the financial statement for the year ending 12/31/2020?

Answer rating: 100% (QA)

Since Smith Inc did not record the transactions for purchasing merchandise on account and paying sup... View the full answer