Question: over/under: Using the periodic inventory system, Alfa failed to record the purchase of inventory on credit that should have been recorded, and counted (include) it

over/under: Using the periodic inventory system, Alfa failed to record the purchase of inventory on credit that should have been recorded, and counted (include) it in ending inventory. All of this has what effect on assets, liabilities and net income?

Assets: Overstated, Understated or No effect?

Liabilities: Overstated, Understated or No effect?

Net Income: Overstated, Understated or No effect?

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