Employees are owed $1,200 for services since the last payday in January to be paid the first week of February. No adjust?ment was made for this item. As a result of this error:

Name: Employees are owed $1,200 for services since the last payday in January to be paid the first week of February. No adjust?ment was made for this item. As a result of this error:
Brand: Quizplus
Rating: 4.9 (49 reviews)

Question

Quizplus · Accepted Answer

The failure to record the wages payable results in an understatement of expenses, which leads to an overstatement of net income for January.

Employees Are Owed $1,200 for Services Since the Last Payday