On December 31, 2018, Interest of $1,500 Has Accrued on a Bank

Essay

On December 31, 2018, interest of $1,500 has accrued on a bank note. This interest payment is due on January 20, 2019. If no adjusting entry is made on December 31, 2018, indicate the effect on assets, liabilities, equity, and net income.
$$\begin{array} { | l | l | } \hline & \text { Understated, Overstated, No Effect } \\\hline \text { Assets } & \\\hline \text { Liabilities } & \\\hline \text { Equity } & \\\hline \text { Net Income } & \\\hline\end{array}$$