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Question

On January 1, Concord's Furniture Repair Shop purchased parts on account

for $730. Concord paid the entire balance on January 31 and recorded the payment by debiting Supplies for $730 and crediting Cash for $730. On the January 31 financial statements
a. assets and liabilities will be overstated.
b. expenses and liabilities will be overstated.
c. assets and expenses will be understated.
d. assets and liabilities will be understated.

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Subject: Accounting, Business

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