Fig F11 ACCT 3230-200 - Summer 2020 Problem Set 1 Due Date: 07/16/2020 - 11:59 pm 7. Accounting for Prior-Period Adjustments (9 pts) P When preparing its financial statements for 2019, Ram Co. discovered a revenue recognition error. On August 1, 2018, Ram Co. sold 24-month licenses of its software for $24,000 and recorded it as a debit to cash and a credit to service revenue, instead of debiting cash and crediting unearned revenue. Instructions: a. Were total assets accurately reported on the balance sheet in 2018? If not, were they overstated or understated, and by how much? (1 pts) b. Were total liabilities accurately reported on the balance sheet in 2018? If not, were they overstated or understated, and by how much? (1 pts) C. Was total stockholder's equity accurately reported on the balance sheet in 2018? If not, were they overstated or understated, and by how much? (1 pts) ption d. Prepare the journal entry for the prior period adjustment for 2018. Then, prepare the adjusting entry Ram Co. would make related to revenue recognition for 2019. (6 pts)