At the end of August, the first month of the business year, the usual adjustment transferring rent
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At the end of August, the first month of the business year, the usual adjustment transferring rent earned of $36,750 to a revenue account from the unearned rent account was omitted. Indicate which items will be incorrectly stated because of the error on
(a) The income statement for August
(b) The balance sheet as of August 31. Also indicate whether the items in error will be overstated or understated.
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