9) The year ends on December 31, 2019. If the ending inventory is understated, the December 31, 2019 assets, owner's equity and net income, respectively, would be

		Understated, Understated, Understated
		Overstated, Understated, Overstated
		Understated, Overstated, Understated
		Overstated, Overstated, Overstated

10)

A company decides to improve its equipment by adding an automated control system to its existing manually controlled network. The journal entry to record this addition would include

		a debit to accumulated depreciation
		a credit to equipment
		a debit to equipment
		a debit to repair expense

11)

Which of the following items should your company include in the year-end inventory?

		Merchandise you purchased FOB shipping point which has been picked up by the freight company but is still in transit at year-end.
		Merchandise sold FOB destination which is in transit at year-end.
		Both of the above answers.
		Neither of the above answers.