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When the records of Padron Corporation were reviewed at the close of 2018, it was discovered that the company failed to record accrued salary expense
When the records of Padron Corporation were reviewed at the close of 2018, it was discovered that the company failed to record accrued salary expense for the last week in 2017; that amount was recorded when paid in 2018. Indicate whether the error resulted in an overstatement, an understatement, or had no effect on net income for the years 2017 and 2018.
2017: | select the effect OverstatementUnderstatementNo Effect | |
---|---|---|
2018: | select the effect |
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