Identify the effect that omitting each of the following items would have on the balance sheet. Clear All Property taxes are paid annually. The estimated monthly amount for the taxes was not recorded. Liabilities understated and owner's equity overstated Depreciation on equipment was not recorded. Liabilities overstated and owner's equity understated An attorney has earned half of a retainer fee that was received and recorded last month. No adjustment was recorded for the amount earned. Assets and owner's equity overstated A tenant paid six months' rent in advance when he moved in on the first day of the month. No entry was made on the last day of the month