A company made no adjusting entry for accrued and unpaid employee salaries of $9,500 on December 31. Which of the following statements is true? 19 Multiple Choice points (8 01:49:27 It will understate assets by $9,500. It will have no effect on income. It will understate current-year expenses and overstate current-year net income by $9,500. It will overstate assets and liabilities by $9,500. It will understate current-year net income by $9,500