On November 1, Anderson Company paid $11,100 for one year of advertising in advance. Anderson debited Advertising Expense, which is an alternate way of recording the initial expenditure. The advertising expense will be used evenly throughout the year. 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 (averstated, understated, or no effect)? Income Statement Accounts venue Choose Expense Choose One Net Income CPoing & E Balance Sheet Account Assets Choose One D Retained wings Chine