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Which the effect of the error would be

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Problem 1. The accountant for the Times Company forgot to make an adjusting entry to record salaries earned but not paid to employees. The effect of this error would be:

a. An understatement of net income and an overstatement of liabilities.
b. An overstatement of net income and an understatement of liabilities.
c. An understatement of net income and liabilities.
d. An overstatement of net income and liabilities.
e. None of the above.

Reference no: EM132689401

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