In recording adjusting entries, Kimmy Financial Advisors failed to record the adjusting entries for the following situations:

a. Supplies on hand, \($400\).

b. Accrued revenues, \($2,000\).

c. Accrued interest expense, \($60\)0.

d. Depreciation, \($2,000\).

e. Unearned revenue that has been earned, \($1,500\).

Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example.

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Adjustment Not Recorded Assets (a) Overstated Balance Sheet Liabilities Income Statement Equity Revenue Overstated Expenses Understated