The Vlasik Company declared a $7 cash dividend and recorded this journal entry:

Common Stock		$7
	Unearned Revenue		$7

Indicate the effect of the error on Net Income, Liabilities, and Owners Equity, respectively:

Select one:

a.

Overstated, No Error, Overstated

b.

No Error, Understated, No Error

c.

Understated, Overstated, Understated

d.

No Error, No Error, No Error

e.

No Error, Overstated, Overstated