On Saturday, June 30, BD Pool Supplies sold merchandise to E. Luang on account. The sales price was $7,000, and the cost of goods sold was $6,270. 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 $7,000

Overstated by $6,270

Overstated by $730

Not affected, but the net income for July is understated