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King Company's employees earn $230 per day and are paid on Friday for a five-day...

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Accounting

King Company's employees earn $230 per day and are paid on Friday for a five-day workweek. This year, December 31 is a Thursday. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on:

(a) Income statement accounts (overstated, understated, or no effect)?

(b) Net income (overstated, understated, or no effect)?

(c) Balance sheet accounts (overstated, understated, or no effect)?

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