Overstated, understated, or no effect = a.) income statement b) net income c) balance sheet

King Company's employees earn $740 per day and are paid on Friday for a five-day work week. This year, December 31 is a Thursday. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: mngs: (a) (b) (c) Income statement accounts (overstated, understated, or no effect)? Net income (overstated, understated, or no effect)? Balance sheet accounts (overstated, understated, or no effect)? Statt u n ts Choose One v Choose One v Choose One v Choose One v Choose One v Choose One v