If an adjusting entry is not made for an accrued expense, a. expenses will be overstated, b. liabilities will be understated. c. net income will be understated. d. equity will be understated.

If an adjusting entry is not made for an accrued expense,

a. expenses will be overstated,
b. liabilities will be understated.
c. net income will be understated.
d. equity will be understated.

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