Please explain the logic. The answer is A: U L: N NI: N Image transcription text Over/Under:
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Question:
Please explain the logic. The answer is A: U L: N NI: N
Image transcription text
Over/Under: Alpha purchased merchandise on credit with terms F.O.B. Shipping Point. As of December 31, the merchandise had not yet been
received by Alpha. Alpha failed to record the purchase, and did not include the merchandise in ending inventory. Alpha uses the periodic
inventory system. This has what effect on assets, liabilities, and net income?
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Posted Date: