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A company made no adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31. Which of the following statements is true? It

A company made no adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31. Which of the following statements is true?

It will overstate assets and liabilities by $9,000.It will understate expenses and overstate net income by $9,000.It will have no effect on income.It will understate net income by $9,000.It will understate assets by $9,000.

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