Uator:&inprogress=false Effect of Omitting Adjusting Entry Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended Oc Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (b) the balance sheet Also indicate whether the items in error will be overstated or understated. a. Income Statement Salaries Expense Net Income b. Balance Sheet Salaries Payable Stockholders' Equity yuy When preparing the financial statements for the month ended January 31, accrued salaries owed to employees for January 30 and 31 were overlooked. accrued salaries were included in the first salary payment in February, Indicate which items will be erroneously stated, because of failure to correct the initial error, on (A) the income statement for the month of February and (B) the balance sheet as of February 28. a. Income Statement Salaries Expense Net Income b. Balance Sheet Salaries Payable Stockholders' Equity