The thorough and extensive check for consistency and treatment of missing responses is called validating

_____ are mental representations defined as interpretations of people and situations, goals, expectancies, memories, and feelings

Fill in the blanks with correct word

Kronic Enterprises sold inventory costing $500 for $900 on account. If Kronic Enterprises operates under the accrual basis, what net effect will this transaction have on the owners' equity side of the balance sheet?

A) None, since the customer to whom the inventory was sold has not yet paid B) None, since sales and/or cost of goods sold are income statement accounts C) Decrease owners' equity by $1,400 D) Increase owners' equity by $400 E) Increase owners' equity by $1,400