Question: Effect of omitting adjusting entry Obj. 2, 5 When preparing the financial statements for the month ended January 31, accrued salaries owed to employees for

Effect of omitting adjusting entry Obj. 2, 5 When preparing the financial statements for the month ended January 31, accrued salaries owed to employees for January 30 and 31 were overlooked. The accrued salaries were included in the first salary payment in February. Indicate which items will be erroneously stated, because of failure to correct the initial error, on

(a) the income statement for the month of February and

(b) the balance sheet as of February 28.

AppendixLO1

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