Elwood Paragliders Pty Ltd reports monthly. Wages were paid on the last Friday of each month. On Sunday 30 June 2024, wages owing to employees (workers) totalled $2,400. Elwood Paragliders Pty Ltd adopts the accrual method of profit determination. Required: The best explanation for why the Balance Day Adjustment needs to be recorded on 30 June 2024would be. CIf the Balance Day Adjustment was not recorded it would understate the current asset Cash which would impact liquidity. O The wages have been incurred during the reporting period and must be included in the wages expense for the period for net profit to be calculated. They must also be paid in the future, so there needs to be recognition of that as a current liability. O If the Balance Day Adjustment was not recorded it would overstate the current asset Cash which would impact financial stability. O The wages have been incurred during the reporting period and must be included in the wages expense for the period for net profit to be calculated. They must also be paid in the future, so there needs to be recognition of that as a current asset.