Problem Page Wright Company's employees earn $370 per day and are paid on Friday for a five-day work week. 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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