Question $1(3\mathrm{.}34$ points$)$

Due to an oversight, a company made no adjusting entry for accrued and unpaid employee wages of $$24,000$

on December $31.$ This oversight would:

Overstate assets by $$24,000$

Understate net income by $$24,000$

Understate assets by $$24,000$

Have no effect on net income

Overstate net income by $$24,000$