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Question(s) / Instruction(s):

A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:

A.            Understate net income by $28,000.

B.            Overstate net income by $28,000.

C.            Have no effect on net income.

D.            Overstate assets by $28,000.

E.            Understate assets by $28,000.

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