The accountant for Frieda Company did not record a purchase of merchandise on credit or include the items in the ending inventory. Assuming a periodic inventory system, the balance sheet effects of these omissions on assets, liabilities, and retained earnings would be Set Assets Liabilities Retained Earnings I. Understate Understate Understate II. Understate Understate No effect III. No effect
Understate No effect IV. Understate No effect Understate ?
A) Set I
B) Set II
C) Set III
D) Set IV
B
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Indicate whether the statement is true or false