The collection on account within the 2/10 n/30 discount period was recorded using a 10% discount rather than a 2% discount in both the controlling and subsidiary accounts. This error will cause
◦ the control account to not agree with the subsidiary ledger.
◦ the assets to be overstated.
◦ the net income for the period to be understated.
◦ the net income for the period to be overstated.