Over/Under:
Beta sold merchandise on credit with terms FOB Destination. By the end of the year, the merchandise had not been received by the customer. Beta recorded the sale and did not count the merchandise in its ending inventory. Beta uses the perpetual inventory system. This has what effect on assets, liabilities, and net income?
Assets: Understated , overstated , no effect ?
Liabilities: Understated , overstated , no effect ?
Net Income: Understated , overstated , no effect ?