A law firm received $2,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Legal Fees. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause Select one: a. Expenses to be overstated 0 b. Liabilities to be understated c. Revenues to be understated 0 d. Net income to be overstated The income statement for the year 2016 of Bugati Co. contains the following information: Revenues $73,000 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $43,000 12,000 11,000 6,000 3,500 4,000 79,500 $ (6.500) After the revenue and expense accounts have been closed, the balance in Income Summary will be Select one: O a. $0. 0 b. a debit balance of $6,500 O c. a credit balance of $6,500. d. a credit balance of $73,000 httne//avamintuk