The bookkeeper for ABC Company failed to make the adjusting entry to record accrued interest on a Note Payable to the First National Bank. Which of the following is a correct statement concerning the effects of this error?

		The net income for the period will be overstated.
		The owner's capital will be understated on the Balance Sheet at the end of the period.
		The total expenses will be overstated for the period.
		The total revenues will be overstated for the period.
		None of the above choices are correct.