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[Review] Kenton Inc. uses accrual accounting as prescribed by FASB, and its fiscal year ends on December 31. During December 2019, Kenton completed services for

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[Review] Kenton Inc. uses accrual accounting as prescribed by FASB, and its fiscal year ends on December 31. During December 2019, Kenton completed services for clients and sent invoices for these services totaling $21,000, but as of December 31 the clients have yet not paid. Payment is expected soon after the start of the new fiscal year. Due to an oversight, there is no year-end adjusting entry regarding these services performed. How does this oversight impact Kenton's income statement for the year ended December 31, 2019? O Net income is understated by $21,000 O Net income is overstated by $21,000 O Expenses are overstated by $21,000 O Expenses are underrstated by $21,000

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