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
SetAssetsLiabilitiesRetained EarningsI.UnderstateUnderstateUnderstateII.UnderstateUnderstateNo effectIII.No effectUnderstateNo effectIV.UnderstateNo effectUnderstate?
A. Set I
B. Set II
C. Set III
D. Set IV
Answer: B
Business
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