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Pickett, inc. recorded its monthly transactions in the journal, but failed to record a transaction involving cash received from customers on january 14. assuming pickett performed all subsequent steps in the recording process correctly for the month, what will likely occur?

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BeBe08
The transaction will not be transferred to the ledger, nor incorporated in the financial statements.
anthougo

The effect of this omission is the understatement of the Cash balance according to the books, while there is an excess of physical cash.

Another effect is that the customer's account will still be in debt, whereas proper records will show that the debt has been paid off.

Thus, the omission of this cash receipt from a customer affects the cash and debtors' accounts with respective understatement and overstatement.

Learn more about omission of cash receipts at https://brainly.com/question/17201601

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