e 5 S3-14 Determining the effects on financial statements In recording adjusting entries, Reagan Financial Advisors failed to record the adjusting entries for the following situations a. Office supplies on hand, $100. b. Accrued revenues, $5,000. c. Accrued interest expense, $250. d. Depreciation, $800. e. Unearned revenue that has been earned, $550. Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or under- stated. Use the following table. Adjustment a has been provided as an example. Balance Sheet Income Statement Adjustment Not Recorded Assets Liabilities Equity Revenue Expenses Overstated Overstated Understated