1. The company in the following question has made errors in accounting for the given transaction. State how these errors affected the financial statements.Your response should include both the direction of the effect (understatement / overstatement) and the amount of the effect for assets, liabilities, and shareholders' equity. If your response is "No Effect", please choose this option - no partial credit will be given for blank responses even if you "meant" no effect. (Hint: Think about what the correct way (or amounts) of accounting for the transaction would be, and compare it to what the company in the question actually did). As of December 31, 2020, Illini Supermarket employees had earned a total of $10,000 in wages, but they had not received the wages yet.Oktay, the owner, had forgotten to account for these unpaid wages.

The company in the following question has made errors in accounting for the given transaction. State how these errors affected the financial statements. Your response should include both the direction of the effect (understatement! overstatement) and the amount of the effect for assets, liabilities, and shareholders' equity. If your response is \"No Effect\The company in the following question has made errors in accounting for the given transaction. State how these errors affected the financial statements. Your response should include both the direction of the effect (understatement! overstatement) and the amount of the effect for assets, liabilities, and shareholders' equity. If your response is \"No Effect\The company in the following question has made errors in accounting for the given transaction. State how these errors affected the financial statements. Your response should include both the direction of the effect (understatement! overstatement) and the amount of the effect for assets, liabilities, and shareholders' equity. If your response is \"No Effect\The company in the following question has made errors in accounting for the given transaction. State how these errors affected the financial statements. Your response should include both the direction of the effect (understatement f overstatement) and the amount of the effect for assets, liabilities, and shareholders' equity. If your response is \"No Effect\