In recording adjusting entries, Kimmy Financial Advisors failed to record the adjusting entries for the following situations:

View the adjusting entries.

Determine the effects on the income statement and balance sheet by identifying whether assets, liabilities, equity, revenue, and expenses are either overstated or understated. Use the following table. Adjustment a has been provided as an example. $($Leave unused input fields blank.$)$

$\backslash$table$[[$Adjustment Not Recorded,Balance Sheet,Income Statement$],[$Assets$,$Liabilities,Equity,Revenue,Expenses$],[$Adjustment not recorded A$,$Overstated,,Overstated,,Understated$],[$Adjustment not recorded B$,$Understated,,Overstated,,Overstated$],[$Adjustment not recorded C$,$Understated,,Understated,,Overstated$],[$Adjustment not recorded D$,$Overstated,,Understated,,Understated$],[$Adjustment not recorded E$,$Overstated,grad,Understated,,Overstated$]]$