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

Essay

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.
$$\begin{array} { | l | l | } \hline & \text { Understated, Overstated, No Effect } \\\hline \text { Assets } & \\\hline \text { Liabilities } & \\\hline \text { Equity } & \\\hline \text { Net Income } & \\\hline\end{array}$$