Adjusting entries: A) Affect only income statement accounts. B) Affect only balance sheet accounts. C) Affect both income statement and balance sheet accounts. D) Affect only cash flow statement accounts. E) Affect only equity accounts. . If a company failed to make the end-of-period adjustment to remove from the Unearned Management Fees account the amount of management fees that were earned, this omission would cause: A) An overstatement of net income. B) An overstatement of assets. C) An overstatement of liabilities. D) An overstatement of equity. E) An understatement of liabilities. A company records the fees for legal services paid in advance by its clients in an account called Unearned Legal Fees. If the company fails to make the end-of-period adjusting entry to record the portion of these fees that has been earned, one effect will be: A) An overstatement of equity. B) An understatement of equity. C) An understatement of assets. D) An understatement of liabilities E) An overstatement of assets. T An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n): A) Accrued expense. B) Contra account C) Accrued revenue. D) Intangible asset E) Adjunct account eve n