Effect of adjustments on net income Assume that Cater Co.’s accountant neglected to record the payroll expense accrual adjustment at the end of October.
Required:
a. Explain the effect of this omission on net income reported for October.
b. Explain the effect of this omission on net income reported for November.
c. Explain the effect of this omission on total net income for the two months of October and November taken together.
d. Explain why the accrual adjustment should have been recorded as of October 31.
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