During 20x4, all sales and purchases at Virginia Corporation were on credit. At December 31, 20x4, Virginia Corporation shipped goods to the New York Corporation but failed to record the sale. As a result, before making any corrections to the accounting records
a. Accounts receivable was understated, inventory was overstated, sales were understated, and cost of goods sold was understated.
b. Accounts receivable was understated, inventory was understated, sales were understated, and cost of goods sold was understated.
c. Accounts receivable was overstated, inventory was understated, sales were overstated, and cost of goods sold was overstated.
d. Accounts receivable was overstated, inventory was overstated, sales were overstated, and cost of goods sold was overstated.
e. Accounts receivable was overstated, inventory was overstated, sales were understated, and cost of goods sold was overstated.
A
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