On August 1, Carter Company received $36,600 for six months of rent in advance. Carter credited Deferred Rent Revenue. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: (a) Income statement accounts (overstated, understated, or no effect)? (b) Net income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)? Income Statement Accounts Revenue: Choose One Expense: Choose One Net Income: Understated Assets: Liabilities: Balance Sheet Accounts Choose One Choose One Retained Earnings: Choose One