The September 30, 20x1, physical inventory of JCB appropriately included $3,800 of merchandise purchased on account, which was not recorded in purchases until October 20x1.What effect will this error have on September 30, 20x1, assets, liabilities, retained earnings, and earnings for the year then ended, respectively?
A) No effect; understate; understate; overstate
B) No effect; understate; overstate; overstate
C) Understate; no effect; overstate; overstate
D) No effect; overstate; understate; understate
Correct Answer:
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