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Comprehensive Final Exam

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Item $15$

Time Remaining $3$ hours $41$ minutes $38$ seconds

$03$:$41$:$38$

A company made no adjusting entry for accrued and unpaid employee salaries of $$7,300$ on December $31.$ Which of the following statements is true?

Multiple Choice

It will understate net income by $$7,300.$

It will understate assets by $$7,300.$

It will overstate assets and liabilities by $$7,300.$

It will have no effect on income.

It will understate expenses and overstate net income by $$7,300.$