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

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