53.On June 15,2020, Stilley Corporation accepted delivery of merchandise which it purchased on account. As of June 30, Stilley had not recorded the transaction or included the merchandise in its inventory. Stilley uses the periodic inventory system. The effect of the error on Stilley's balance sheet on June 30,2020 would be

• Assets and stockholder's equity were overstated but liabilities were not affected
• Stockholders' equity was the only item affected by the omission
• Assets, liabilities, and stockholders' equity were understated
• None of these