The accountant for Frieda Company did not record a purchase of merchandise on credit or include the items in the ending inventory. Assuming a periodic inventory system, the balance sheet effects of these omissions on assets, liabilities, and retained earnings would be 
Definitions:
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).
Variance
A statistical measure that represents the degree of spread or dispersion of a set of values from their mean.
Probability
The quantification of the probability that an event will happen, represented as a number ranging from 0 to 1.
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