The Accountant for the Issenock Company Did Not Record a Purchase

question 80

Multiple Choice

The accountant for the Issenock Company did not record a purchase of merchandise on credit for the current year, but the merchandise was correctly included in the ending inventory. Assuming a periodic inventory system, how would assets, liabilities, and retained earnings be affected on the year-end balance sheet?

• A) I
• B) II
• C) III
• D) IV

---

Definitions:

CTRL+N

A keyboard shortcut commonly used to create a new document, window, or project in many software applications.

Multilevel Numbering

A feature in word processing software that allows for the creation of complex structured lists with hierarchical levels.

Apply Bullets

The process of adding bullet points to format a list of items in a document.

Apply Numbering

The process of adding sequential numbers to items in a list to indicate order or hierarchy.