11 Saved Help Save & Exit The following question is an Error Analysis question related to the adjustment process. Please note: Do not overthink the scenario. Instead, deal only with the facts provided. The financial statement effects being requested in any given scenario are for the current period only. "The company will pay staff members next period for work performed in the current period. When recording the adjustment entry in the current period, the owner recorded the wages as if they were paid in the current period." What is the effect of this error on Assets, Liabilities, and Stockholders' Equity, respectively? Multiple Choice Assets are Overstated, Liabilities are Overstated, and No Effect on Stockholders' Equity O Assets are overstated, Liabilities are understated, and No Effect on Stockholders' Equity Assets are understated, Liabilities are Overstated, and No Effect on Stockholders' Equity Assets are Understated, Liabilities are understated, and No Effect on Stockholders' Equity