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A company made no adjusting entry for accrued and unpaid employee salaries of $8,400 on December 31. Which of the following statements is true?Multiple ChoiceIt

A company made no adjusting entry for accrued and unpaid employee salaries of $8,400 on December 31. Which of the following statements is true?Multiple ChoiceIt will understate net income by $8,400.It will understate assets by $8,400.It will understate expenses and overstate net income by $8,400.It will overstate assets and liabilities by $8,400.It will have no effect on income.

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