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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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