Question: What will happen if ABC Inc. does not do adjusting entries on 1 2 / 3 1 / 2 0 2 0 ? Group of

What will happen if ABC Inc. does not do adjusting entries on 12/31/2020?
Group of answer choices
Expenses will be overstated.
Net income will be overstated.
Liability will be understated.
Retained Earnings will be understated.
Expenses will be understated.
Net income will be overstated.
Liability will be understated.
Retained Earnings will be overstated.
Expenses will be understated.
Net income will be overstated.
Liability will be overstated.
Retained Earnings will be understated.
Expenses will be understated.
Net income will be understated.
Liability will be understated.
Retained Earnings will be overstated.

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