omission of reporting

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 Arno Co. did not record a credit purchase of merchandise made prior to year end. However, the
merchandise was correctly included in the year-end physical inventory. What effect did the omission of reporting the purchase of merchandise have on Arno’s balance sheet at year end?
Assets                      Liabilities
A. No effect                 No effect
B. No effect                Understated
C. Understated            No effect
D. Understated            Understated

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