Over/Under: Alpha erroneously recorded $500 as an adjusting journal entry for interest on a note payable instead of the correct adjusting journal entry for interest on a note receivable. What effect does all of this have on assets, liabilities, and net income?

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

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

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