On June 1, 2020 the XYZ company received a $48,000 payment in advance from a customer. The payment was for four months of services (4x $12,000 - $48,000) which XYZ will provide to the customer starting on June 1, 2020. On June 1, 2020 XYZ made the following entry in its accounting system. Cash 48,000 Uearned Revenue 48,000 If XYZ has not made any other entry related to this advance payment, and on June 30, 2020 fails to make the required adjusting entry related to these services - select the correct list of errors that will be contained in XYZ's June 30, 2020 financial statements: . In the Income Statement: Service Revenue will be properly stated Net Income will be properly stated In the Balance Sheet: Liabilities will be overstated - Retained Earnings will be overstated Total Assets will be overstated Total Liabilities & Equity will be overstated. B. In the Income Statement: Service Revenue will be understated Net Income will be understated In the Balance Sheet: Liabilities will be overstated Retained Earnings will be understated Total Assets will be properly stated Total Liabilities & Equity will be properly stated C. In the Income Statement: Service Revenue will be overstated Net Income will be overstated In the Balance Sheet: Liabilities will be overstated Retained Earnings will be understated Total Assets will be overstated Total Liabilities & Equity will be properly stated. O Statement State A O Statement State B O Statement State C O All financial statements will be properly stated O none of the above