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The September 30 physical inventory appropriately included $3,800 of merchandise that was not recorded as a purchase (on account) until October.

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Question

(Multiple Choice)The September 30 physical inventory appropriately included $3,800 of merchandise that

was not recorded as a purchase (on account) until October.  What effect will this error have on the September 30 assets, liabilities, and income for the month ending, respectively?

A.   No effect, no effect, understate. B.   Overstate, overstate, no effect. C.   No effect, understate, overstate. D.   Understate, understate, no effect. E.   None of these.

 
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