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Over/Under: Alpha failed to record the following journal entry and AJE: (1) an AJE for...

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Accounting

Over/Under: Alpha failed to record the following journal entry and AJE: (1) an AJE for interest of $700 resulting from a loan from Beta Bank and (2) a $500 cash return of merchandise made by a customer (Alpha uses the periodic inventory system). Failure to record the journal entry and AJE has what effect on assets, liabilities, and net income? Assets: Liabilities: Net Income:

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