Frank Company experienced an event that affected its financial statements as indicated below:Assets=Liabilities+EquityRevenue-Expense=Net income5,000=n/a+5,0005,000-n/a=5,000Which of the following transactions caused the indicated effects?
A. The cost of units sold was recorded.
B. Units were completed and moved to finished goods.
C. Completed units were sold.
D. None of these answers are correct.
Answer: C
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