$3.$ What would be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year?

Over$/$Understated

Amount

Accounts receivable Understated Correct

$

Total assets Understated Correct

$

Wages payable Understated Correct

$

Total liabilities Understated Correct

$

Owner$$s equity Understated Correct

$

Total liabilities and owner$$s equity Understated Correct