The September 30, 2014, physical inventory of Pollack Corporation appropriately included $6,300 of merchandise purchased on account that was not recorded in purchases until October 2014 . What effect will this error have on September 30, 2014, assets, liabilities, retained earnings, and earnings for the year then ended, respectively?
a. Understate; no effect; overstate; overstate
b. No effect; overstate; understate; understate
c. No effect; understate; overstate; overstate
d. No effect; understate; understate; overstate
C
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Which of the following statements is true about tweens?
a. They are the first generation of latchkey children. b. They are an attractive market segment for mobile games. c. They are a larger cohort than baby boomers. d. They are aged between fourteen to eighteen years.
You write a check today to your supplier knowing that you do not have enough money to cover it until you make the deposit tomorrow. You know that the supplier's bank will take two days to send the check to your bank. You are using _____________________.
a. Float b. Overdraft c. Cash budget d. Clear