Multiple Choice
On June 15, 2010, Solder Corporation accepted delivery of merchandise which it purchased on account.As of June 30, Solder had not recorded the transaction or included the merchandise in its inventory.The effect of this on its balance sheet for June 30, 2010 would be
A) assets and shareholders' equity were overstated but liabilities were not affected.
B) shareholders' equity was the only item affected by the omission.
C) assets, liabilities, and shareholders' equity were understated.
D) none of these.
Correct Answer:
Verified
Correct Answer:
Verified
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