belongs to book: AUDITING & ASSURANCE SERVICES | A Systematic Approach|William F.Messier, Steven M.Glover, Douglas F. Prawitt|10th Edition| Chapter number:11| Question number:11.3
What financial statement accounts are affected by each of those transactions?
Purchase transaction: Accounts payable Inventory Purchases or cost of goods sold Various asset and expense accounts Cash disbursement transaction: Cash Accounts payable Cash discounts Purchase return transaction: Purchase returns Purchase allowances Accounts payable Various asset and expense accounts
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Purchase transaction: Accounts payable Inventory Purchases or cost of goods sold Various asset and expense accounts Cash disbursement transaction: Cash Accounts payable Cash discounts Purchase return transaction: Purchase returns Purchase allowances Accounts payable Various asset and expense accounts
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