Question: Conceptual Connection: What would be the effect on the balance sheet and the income statement if the accountant failed to make the above adjusting entries?

Conceptual Connection: What would be the effect on the balance sheet and the income statement if the accountant failed to make the above adjusting entries?
Income Statement Balance Sheet
a. Computer equipment purchased
Expenses understated
Assets overstated
b. Prepaid insurance
Expenses understated
Liabilities overstated
c. Unearned service revenue
d. Rent owed is unrecorded
e. Unearned rent revenue

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