On June 15, 2022, Wynne Corporation accepted delivery of merchandise which it purchased on account. As of June 30, Wynne had not recorded the transaction or included the merchandise in its inventory. The effect of this on its statement of financial position for June 30, 2022 would be:

• Assets and equity were overstated but liabilities were not affected.
• Equity was the only item affected by the omission.
• Assets, liabilities, and equity were understated.
• None of these answers are correct.