QUESTION 3 8 point On November 1 you received $3,600 in cash as a retainer to provide financial consulting services for the next 6 months. 1. Prepare the journal entry to record this receipt on November 1 assuming this receipt is recorded as Unearned Revenue. 2. Prepare the necessary adjusting entry on December 31 related to the retainer assuming the work is performed evenly over the 6 month period. 3. What is the impact on your financial statements if you fail to make this entry? (overstated, understated or ) Revenues Expenses Net income Assets Liabilities Owner's equity