Saira works for a sports franchise, which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira's salary for May. What is the impact on the May 31 financial statements of the sports franchise? Liabilities are overstated; retained earnings is overstated. Expenses are understated; net income is overstated. Liabilities are understated; assets are overstated. Revenues are overstated; net income is understated