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Evaluate what is the effect of not recording the entries

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Problem 1: On September 28, 2017, Out to Get You, Corp. sold inventory, originally costing $6,900, for $7,500 on credit. The accountant for Out to Get You, Corp. forgot to record all entries related to this transaction. What is the effect of not recording these entries?

Option 1: Assets are understated by $600; Liabilities are overstated by $6,900; Shareholders' Equity is understated by $7,500

Option 2: Assets are understated by $600; No effect on Liabilities; Shareholders' Equity is understated by $600

Option 3: Assets are understated by $600; Liabilities are understated by $600; No effect on Shareholders' Equity

Option 4: Assets are overstated by $600; No effect on Liabilities; Shareholders' Equity is overstated by $600

Option 5: No effect on Assets; Liabilities are understated by $600; Shareholders' Equity is overstated by $600

Reference no: EM132615592

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