On June 15, 2017, wWynne Corporation accepted delivery of merchandise which it p

Question

On June 15, 2017, wWynne Corporation accepted delivery of merchandise which it purchased on account. As of June 30, Wynne had not recorded the transaction or incduded the merchandise in its inventory. The effect of this on its balance sheet for June 30, 2017 would be assets and liabilities were understated but stockholders' equity was not affected. Ostockholders' equity was the only item affected by the omission assets, liabilities, and stockholders' equity were understated. affected. Click if you would like to Show Work for this question: Qen Show Work

Explanation / Answer

Transaction entry should be :

so answer is a) Assets and liabilties were understated but stockholder's equity was not affected.

Date accounts & explanation debit Credit Merchandise inventory Account payable

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