On Saturday, June 30, BD Pool Supplies sold merchandise to E. Luang on account. The sales price was $4,400, and the cost of goods sold was $3,770. The sales revenue was recorded immediately, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was:

	Overstated by $4,400.
	Overstated by $3,770.
	Overstated by $630.
	Not affected, but the net income for July is understated.