Over$/$Under: Alpha made a mistake by erroneously recording a loan received from Beta Bank. It should have been recorded as$$a cash sale $($using the periodic inventory system$)$ for the same amount. This mistake has what effect on assets, liabilities, and net income?

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Assets: $[$ Select $]["$No Effect", "Overstated", "Understated"$]$

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Liabilities: $[$ Select $]["$No Effect", "Understated", "Overstated"$]$

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Net Income: $[$ Select $]["$No Effect", "Overstated", "Understated"$]$