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The September 30, 20x1, physical inventory of JCB appropriately included $3,800 of

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The September 30, 20x1, physical inventory of JCB appropriately included $3,800 of

The September 30, 20x1, physical inventory of JCB appropriately included $3,800 of
merchandise purchased on account, which was not recorded in purchases until October 20x1.
What effect will this error have on September 30, 20x1, assets, liabilities, retained earnings, and
earnings for the year then ended, respectively?
A) Understate; no effect; overstate; overstate
B) No effect; overstate; understate; understate
C) No effect; understate; overstate; overstate
D) No effect; understate; understate; overstate

Textbook

Intermediate Accounting, Volume 2

Edition: 5^th

Authors: Beechy, Conrod, Farrell

Read 39 times

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More solutions for this book are available here

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kimmy12 Author

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this helped with my online quiz

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