Cathy Company's accountant forgot to make an adjusting entry to record depreciation expense. What is the effect on Cathy's balance sheet because of this omission? O Assets overstated Liabilities Equity understated no effect O Assets Liabilities understated no effect Equity understated O Assets Liabilities Equity no effect understated overstated O Assets Liabilities overstated no effect Equity overstated 0 Assets Liabilities understated understated Equity no effect