Ansewers understated, no effect and overstated

Over/Under: Alpha failed to record two journal entries: (a) a credit sale for $400 and (b) a payment of $500 made to satisfy an account payable. The payable had been created earlier in the year. What effect does all of this have on assets, liabilities, and net income? Assets: [Select] Liabilities: [Select] K [Select] Understated No Effect Net Incom Overstated 27 Tim Atte 2 H