On December 31, Washington Company receives a utility bill in the mail for $660. Washington Company intends to pay the bill early January of next year. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated, or no effect)? Balance sheet accounts (overstated, understated, or no effect)