Brief Exercise 2-8 (Algo) Income determination (LO2-5) The Jamesway Corporation had the following situations on December 2021. 1. On December 10, 2021, Jamesway received a $5,000 payment from a customer for services begun on that date and which were completed by December 31, 2021 Deferred service revenue was credited 2 on December 1, 2021, the company paid a local radio station $4,000 for 40 radio ads that were to be aired, 20 per month throughout December and January. Prepaid advertising was debited 3. Employee salaries for the month of December totaling $26,000 will be paid on January 7, 2022 4. On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 7% interest to be paid on August 31, 2022 If none of the adjusting joumal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/2021 balance sheet be higher or lower and by how much? Assets Liabilities Shareholders' equity Thigher flower Thigher by by by