eBook Question Content Area Effect of Omitting Adjustment Accrued salaries of $7,250 owed to employees for December 30 and 31 were not considered when preparing the financial statements for the year ended December 31, 20Y6. Assume that the error was not corrected and that the $7,250 of accrued salaries was included in the first salary payment in January 20Y7. Indicate which items below will be overstated or understated in January 20Y7 as a result of the failure to correct the initial error. Also indicate on which January 20Y7 financial statement each item will appear. Account