Over/Under: Alpha made a cash payment to satisfy an account payable but erroneously recorded it as cash paid for the purchase of equipment. Ignore depreciation. Failure to record the correct journal entry has what effect on assets, liabilities, and net income? Assets: Liabilities: Net Income: Over/Under: Alpha made a cash payment to satisfy an account payable but erroneously recorded it as cash paid for the purchase of equipment. Ignore depreciation. Failure to record the correct journal entry has what effect on assets, liabilities, and net income? Assets: Liabilities: Net Income