TB MC Qu. 04-38 What type of account is the... Nhat type of account is the Cost of Goods Sold account? Multiple Choice Contra asset Asset Liability Expense "BMC Qu. 04-51 Anchor Company sold merchandise with a cost... Anchor Company sold merchandise with a cost of $560 to a customer for $890 on account. Due to an error, this sale was never recorded in the accounting records. What effect will the failure to make the necessary entries have on the company's financial statements? O Total assets and total stockholders' equity will be understated C) Total assets will be overstated and total stockholders' equity will be understated O The financial statements will not be affected Total assets and total stockholders' equity will be overstated