On December 31, 2019, $2,500 of Salaries Have Been Earned

Essay

On December 31, 2019, $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, 2019, indicate the effect on assets, liabilities, equity, and net income.
$$\begin{array} { | l | l | } \hline & \text { Understated, Overstated, No Effect } \\\hline \text { Assets } & \\\hline \text { Liabilities } & \\\hline \text { Equity } & \\\hline \text { Net Income } & \\\hline\end{array}$$