On June $15,2025,$ Wynne Corporation accepted delivery of merchandise which it purchased on account. As of June $30,$ Wynne had not recorded the transaction and did not include the merchandise in its physical count of inventory at the end of the accounting period. The effect of this on its balance sheet for June $30,2025$ would be

assets, liabilities, and stockholders' equity were understated.

stockholders' equity was the only item affected by the omission.

assets and liabilities were understated but stockholders' equity was not affected.

assets and stockholders' equity were overstated but liabilities were not affected.