On December 31,2016,$2,500 of salaries have been earned but not yet paid to employees.If the business failed to make an adjusting entry on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
$$\begin{array} { | l | l | }
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

Question

On December 31,2016,$2,500 of salaries have been earned but not yet paid to employees.If the business failed to make an adjusting entry on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
 $$\begin{array} { | l | l | } 
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On December 31,2016,$2,500 of salaries have been earned but not yet paid to employees.If the business failed to make an adjusting entry on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
 $$\begin{array} { | l | l | } 
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

On December 31,2016,$2,500 of Salaries Have Been Earned but Not