The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inven¬tory results in

The failure to record a purchase of merchandise on account even though the goods are properly included in the physical inven¬tory results in
A.an overstatement of assets and net income
B.an understatement of liabilities and an overstatement of owners' equity
C.an understatement of cost of goods sold and liabilities and an overstatement of assets
D.an understatement of assets and net income


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