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Effect of Omitting Adjusting Entry When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. The accrued salaries were included in the first salary payment in November. Indicate which items will be erroneously stated, because of failure to correct the initial error, on (a) the income statement for the month of November and (b) the balance sheet as of November 30. a. Income Statement Salaries Expense Net Income b. Balance Sheet Salaries Payable Owner's Equity