The Vlasik Company declared a $9 cash dividend and recorded this journal entry:

Inventory		$9
	Service Revenue		$9

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

Select one:

a.

No Error, No Error, Overstated

b.

No Error, Understated, No Error

c.

Overstated, Understated, Overstated

d.

Overstated, Understated, No Error

e.

Overstated, No Error, Understated