I have a partially correct answer, but it is still missing something, and I need help identifying and correcting the missing piece. Answers need to address the following: 1) Which financial statement affected, 2) within that Finacial statement which accounts are affected, 3) how the account is affected (over/understatement).

(3) Wages Expense 120,000 Cash 120,000 (This is for the factory wurkers' wagas. I have a note that employer payrall taxes an;I $18,000. I still think that's part of wages expense and that we'll have ta pay it all in cash soaner or tater, SD I credited Cash fur the wages and the taxes.) Z Your answer has been saved and sent to the instructor. See Gladehook for score details. If the entry (3) was not corrected, which financial statements [income statement or balance sheet) would be effected? What balances weuld be overstated or understated