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Due to an oversight, a company made no adjusting entry for accrued and unpaid employee wages of $26,000 on May 31. This oversight would: Overstate

Due to an oversight, a company made no adjusting entry for accrued and unpaid employee wages of $26,000 on May 31. This oversight would:

Overstate net income by $26,000.
Understate assets by $26,000.
Understate net income by $26,000.
Have no effect on net income.
Overstate assets by $26,000.

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