On December 31, 2016, $2,500 of salaries have been earned but not yet paid to employees. If the business failed to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income
Understated, Overstated, No Effect
Assets
Liabilities
Equity
Net Income
What will be an ideal response
ANSWER
Understated, Overstated, No Effect
Assets No Effect
Liabilities Understated
Equity Overstated
Net Income Overstated
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