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Over/Under: Beta sold merchandise on credit with terms FOB Destination. By the end of the year, the merchandise had not yet been received by the

Over/Under: Beta sold merchandise on credit with terms FOB Destination. By the end of the year, the merchandise had not yet been received by the customer. Beta did not record the sale and included the merchandise in its ending inventory. Beta uses the periodic inventory system. This has what effect on assets, liabilities, and net income?

  • Assets : No Effect
  • Liabilities : No Effect
  • Net Income : No Effect

Why is the answer the above?

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